Answer to Question 1
During the growth stage, new companies or products must set themselves apart from competitors to gain customers and market share. Growth companies often pursue innovation or differentiation strategies to distinguish themselves from their competition. Because they are less established and thus higher-risk employers, they often need to invest more money and resources in staffing to attract the talent they need to grow. Because they lack a large and strong internal talent pool and they need to add new employees as they grow, they frequently need to hire from outside the organization and tend to have an external talent focus.
During the maturity stage of a firm's life cycle, products and services have fully evolved, and the product's market share has become established. The focus now shifts to maintaining or obtaining further market share through cost leadership, often by streamlining operations and focusing on efficiency. Because mature companies have a larger pool of internal talent from which to draw, the talent focus becomes more internal.
Companies in decline are facing shrinking markets and weaker business performance. A company in decline can pursue a cost-leadership strategy and allow the decline to continue until the business is no longer profitable or it can try to make changes to revive the product or service. If it chooses to try to change its product or service, the firm typically adopts a specialization or differentiation strategy.
Answer to Question 2
False
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