Traditional industries in the craft sector of economies have been declining. They are faced with significant shifts in the pattern of manufacturing and trade. This has created serious threats to the survival of traditional industry centres, and requires the development of new industry-wide strategies to adapt and successfully compete in the new environment. The focus of this study is on development of a framework for understanding the dynamics of industry decline. The framework is illustrated with data from the fur industry. Suggestions for industry-wide strategies which will be effective in facing competitive threats are made. Conclusions of this study are expected to be helpful to fur manufacturers, suppliers and fur marketers, but more importantly the study identifies a framework and approach that can be applied to other craft industries which face similar environmental conditions.
All Science Journal Classification (ASJC) codes
- Geography, Planning and Development
- Strategy and Management