This stunning quote is from the classic, “Marketing Myopia” by Theodore Levitt and published in the Harvard Business Review, circa 1960:
In truth, there is no such thing as a growth industry I believe. There are only companies organized and operated to create and capitalize on growth opportunities. Industries that assume themselves to be riding some automatic growth escalator invariably descend into stagnation. The history of every dead and dying “growth” industry shows a self-deceiving cycle of bountiful expansion and undetected decay.