A. In detail, list and describe the pros and cons of being a technological leader as a functional strategy for a firm,
b. In detail, list and describe the pros and cons of being a technological follower as a functional strategy for a firm,
c. Based on your response to items a and b, indicate which functional strategy you would recommend for a firm and describe, in detail, why you made this recommendation.
a. In detail, list and describe the pros and cons of being a technological leader as a functional strategy for a firm,
Organizations can choose to achieve either cost advantage or differentiation when choosing to become a technological leader or technological follower.
? An organization can pioneer a product with lowest cost design or a unique, special product that increases buyer value. These companies want to achieve differentiation to sustain competitive advantage.
? It can become a respected innovative leader in the industry. Consumers look at a company's reputation and some of them follow the leader by patronizing its products.
? As a technological leader, it can invent ways of creating low-cost way of performing activities that are valuable to the organization.
? Company can serve market well by starting to innovate other activities that increase buyer value thereby being able to serve their consumers better.
? Companies invest in Research & Development in order to maintain its being a technological leader in the industry. It is a costly initiative and most of those who undertake such are only the bigger companies. They spend more on R&D to differentiate its products from the others.
? Although risk is built into all business activities, any decision has a risk implied which can affect the company's objectives. If an innovation fails to live up to its expectations and ...
The solution discusses about being a technological leader or technological follower as a functional strategy for a firm. References are included.