Unit 3 Individual Assignment
The management aggroup is currently in the purpose making process of whether or not to develop a new output that has not yet hit the market or a mutant of a competitors product that has already been launched. crop development is a strategy that is implemented to seek change magnitude sales. This strategy is accomplished through new product development, product improvement and/or modifying a product or attend that already exists (David, 2011).
The team is in the process of deciding if it is surmount to follow the first-mover speculation or late-mover theory in making their decision. As a new consultant, there is very lowly information that is known about the company involved or the potential products to be discussed during the up and coming meeting. As a result, it has been opinionated that a thorough exploration of each theory, on with the values and disadvantages be provided to the management team to help them better decided which theory would provide the best solution when making their decision. later on such, an unbiased recommendation will be provided as to which theory should be used, along with examples of firms who have been successful and unsuccessful in using each theory.
The first-mover theory is simple in that it positions a company to be the first-mover into the marketplace. This position is beneficial to an organization in that it allows them to set the benchmark and nutrify a competitive advantage over succeeding entrants in their respective industries. Additionally, the first-mover is able to sustain significant profit returns and higher market share and overly have an impact in the segment (Frawley & Fahy, 2005).
The late-mover theory takes a different approach. This theory is used with companies that do not ask to take the risk of a new product launch. Organizations that get to comply with this theory feel more comfortable basing their decision on products that are...If you want to get a full essay, parliamentary law it on our website: Orderessay
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