1. Technology push and "market pull are forces that bring new invention and discovery to the market place. (a) Give two reasons why a competitive advantage can be gained by a company in being the first to push a new technology onto the market.

Question

1. Technology push and "market pull are forces that bring new invention and discovery to the market place. (a) Give two reasons why a competitive advantage can be gained by a company in being the first to push a new technology onto the market.

Answer 1

Answer:Being the first to introduce a new technology can offer several advantages for firms in gaining a compliment advantage due to the two crucial factors below:(a) Market monopoly: As the foremost user of a particular technology, the company can leverage its proprietary nature and carve out a unique niche. This can potentially render competition irrelevant, due to the lack of alternatives offered by competitors, enabling the company to set the market prices and dominate.(b) Building brand prestige and customer loyalty: By revolutionizing a market place with a new product, a company can earn immense goodwill among the customer base and shape its perception as an innovative leader. This not only differentiates a company from competitors, but encourages customer loyalty, which is key for long-term revenue.Highlighted Answer:1. Gaining a market monopoly.2. Building brand prestige and customer loyalty.

Question

1. Technology push and "market pull are forces that bring new invention and discovery to the market place. (a) Give two reasons why a competitive advantage can be gained by a company in being the first to push a new technology onto the market.

Answer

Answer