Final answer:
The process of successfully moving from one stage of the industry life cycle to the next is known as 'Crossing the chasm'. It is a pivotal moment that involves adapting strategies to meet the needs of a broader mainstream market.
Step-by-step explanation:
Successfully transitioning from one stage of the industry life cycle to the next is referred to as Crossing the chasm
. This term is used to describe the critical phase in a product or company's life when it moves from early adopters to a more mainstream market.
The concept of transition is important because it signifies a change or movement in development.
When companies face a transition, they deal with challenges distinct to their current stage, requiring them to adapt and evolve their strategies to ensure continued growth and success.