9.1 Flashcards
pioneering strategy
being ahead of the competition by introducing a new product into the market first. unique product to those already in the market. not necessarily completely new, can be an alternative approach to already existing thing
product champion
influential individual, usually within organisation, who develops enthusiasm for idea/invention, champions it within organisation
R and D
research and development
pioneering is…
most risky and costly, but w potential for the largest gains
why does pioneering have a high risk of failure and what does a company need to do
it has never been tested on the market before. it needs good RD to offset some risk which costs a lot. a company needs to be financially stable and have a pioneering champion
imitative strategy
focuses on analysing existing products on the market and develops smth similar
advantage of an imitative strategy
RD costs are reduced so your product can be more affordable
issue w imitative strategy
u can infringe on existing patents and that would result in long and costly court cases
reverse engineering
extracting info abt a design by disassembling it, common for imitators
what strategy is common for imitators
reverse engineering
hybrid strategy
pioneering + imitative strategies, implemented if u know it will maximise profit + sales
why might a hybrid strategy be implemented
if u know that it will maximise profit bcs it reduces RD costs, shortens development time, and if smth goes wrong theres less disruption in a company
what is the ansoff matrix
a method of identifying opportunities to grow a product
draw the ansoff matrix
хз в тетради посмотри
corporate social responsibility
self regulation for a company. development goals in 3 areas: economic, social, environmental
