Technology and other cycles • Technology leaps • New product processes, new core competencies • Shifts in demand Investments, M&A and diversification • Investment decisions without feasibility checks • Poor post-merger integration Rapid growth • Dependency on product life cycles and time to market (e.g. pharmaceuticals, biotech, Internet startups) • Inflexible management and organizational structures • Growth as a market entry/expansion strategy (computers, media) Value-chain configuration • Missing out on industry trends • Inflexible value creation processes