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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.

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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.

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.

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DaisyElite · Tutor for 8 years

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Answer:<br /><br />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:<br /><br />(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.<br /><br />(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.<br /><br />Highlighted Answer:<br />1. Gaining a market monopoly.<br />2. Building brand prestige and customer loyalty.
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