COMM 210 Study Guide - Midterm Guide: Stock Market, Research And Development, Situation Two

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Alfred chandler: the enduring logic of industrial success. Logic of managerial enterprise: the dynamic growth and competition that drives modem industrial capitalism. Economies of scale: large plants can produce products at a much lower cost than small ones because the cost per unit drops as the volume of output rises. Economies of scope: large plants can use many of the same raw and semi-finished materials and intermediate production processes to make a variety of different products. First movers & challengers: companies that quickly dominated their industries by making large investments and gaining competitive advantage. (high market share) Created national and international marketing distribution organizations - recruited teams of managers. They engaged in systematic r&d to improve their products and processes, they differentiated as well. They captured markets and others may not want to compete. Once a firm loses the opportunity to be a first mover, it is more difficult to regain competitive advantage.

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