Emerging Industries & Management Technology

4352 Words Oct 30th, 2011 18 Pages
SCHOOL OF BUSINESS AND ECONOMICS

STRATEGIC MANAGEMENT & INNOVATION
MGT 611

EMERGING INDUSTRIES & MANAGEMENT TECHNOLOGY.

DATE: 15TH JULY, 2011

INTRODUCTION
Technology is a greatly dynamic field. Tools and systems of technology are constantly and ever changing. New ideas and innovations are coming up every other hour. The think tank of new technologies never sleeps. Needless to say, users of the same are always on the lookout for newer, better, cheaper and easier to use systems and tools of technology; those that offer faster and more convenient services than the previous. In view of this, technology based industries have no much choice but to keep abreast with the new and emerging changes in the industry. The growth in
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It is an industry that has growing sales across all the companies in the industry based on growing demand for the new products, technologies or services made available by the firms participating industry
From the stand point of strategy formulation, the essential characteristic of an emerging industry is that there are no “rules of the game”. The absence of rules presents both a risk and an opportunity, a wise strategy positions the firm to favorably shape the emerging industry rules. (Pearce & Robinson, 2007, pp. 245-246)
Emerging industries of the last decade have been the internet browser, fiber optics, mobile money transfer , social media/networks such as Twitter, Facebook & Google+, iPad, Smart Phones, Flash Drives, PlayStations, Wii, LCD TVs and Screens , among many others.
Business Strategies must be shaped to accommodate the following characteristics of markets in emerging industries; * Technologies that are mostly proprietary to the pioneering firms and technological uncertainty about how product standardization will develop * Competitor uncertainty because of inadequate information about competitors, buyers and the timing of demand. * High initial costs but steep cost declines as the experience curve takes effect. * Few entry barriers, which often spurs the formation of new firms * First
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