Question

Fast-cycle markets are characterized by "generational products" which start out with a substantial technological advance in the performance of a product category followed by incremental technological advances as new generations of products are introduced.

Answer 1

Fast-cycle markets are characterized by generational products, where advancements in technology are made in each successive generation of a product category.

Step-by-step explanation:

In the context of technological advancements, fast-cycle markets can be explained using the concept of generational products. These markets are characterized by a series of technological advances in a product category, starting with a substantial breakthrough followed by incremental improvements in subsequent generations.

For example, in the case of portable data storage, floppy disks were the first mainstream devices, which were then improved and replaced by higher-capacity Zip and Jaz disks, and eventually replaced by flash drives. Each new generation represented a technological advancement building on the previous one.

This generational model helps categorize technology based on its progression and development over time.