BSM 600 Chapter Notes - Chapter 5: Dominant Design, Technical Standard, Commoditization

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Foundations of strategy: chapter 5 - industry evolution and strategic change. Glossary: product life cycle, industry life cycle, technical standard, network effects, born global companies, competency traps, institutional isomorphism, bounded rationality, satisficing, Management needs to ensure that the enterprise adapts to its environment and changes occurring within the environment (which could be driven by technology, consumer need, politics, economic growth) In some industries, growth is more gradual and predictable. Change is the result both of external forces and the competitive strategies of the firms within the industry. Industry environment is being continually recreated by competition. Chapter is about how managers adapt their strategies to fit their environments, how they go about predicting change, how they adapt their strategies to cope with change. The extent that an industry produces multiple generations of a product or service, the industry life cycle is likely to be of longer duration than that of a single product or service.

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