Final answer:
AVBOB is likely in the maturity phase of the industry life-cycle and should focus on innovation, market penetration, and diversification strategies to maintain its position and growth, supported by strong corporate governance.
Step-by-step explanation:
AVBOB, as an established funeral service and insurance provider, is likely in the maturity phase of the industry life-cycle. During this phase, businesses face stagnating growth and increased competition. To survive and thrive, AVBOB should implement several strategies. First, they should focus on innovation to stand out in the market, potentially by developing new services or leveraging technology to improve customer experience. Second, they must engage in market penetration strategies to gain a larger share of the existing market, like targeting under-served demographics. Lastly, exploring diversification into related services could provide additional revenue streams and reduce reliance on their core market. Such strategies must be underpinned by robust corporate governance practices to ensure the company is prepared for potential market changes and can efficiently allocate resources to these growth strategies.