Innovation
Chapter Paragraph
Task Two
The most important source in this respect would be the most recurrent. As such, source#7 appears rather common. The underlying rationale is that the assumptions about an individual industry do not necessarily represent the realities thereof. Ultimately new knowledge on innovation is expected at all levels.
Task Three
How Changes in Industry Structure or Market Structure affects the business model of a company.The way clients and competitors interact with the company have a huge bearing on its very existence. For instance, Nokia can change its products from mobile phones to smartphones so as to gain a competitive advantage over its competitors such as Apple. This will require training of staff that targets Nokia’s main competencies. However, competition in the market and how it is altered can have either positive or adverse effects on the company. Markets configured around products such as phones tend to experience entry barriers but with fierce competition. With this backdrop, it becomes necessary for Nokia to put into consideration the competition issue in the market (Dean et al. 2008). Nokia can attain higher costs and operate rather profitably in markets where barriers to entry are considerably high but with few business rivals. By concentrating on meeting clients’ needs, when it comes to making smartphones it will be a symbol of user-friendless, style and simplicity, integrated with sophisticated technology and a variety of features. The move to fulfill clients needs is expected to ensuring that Nokia remains competitive.
Task Four
Based on Task three, the most suited face for an entrepreneur. This is because Nokia will not only meet unsatisfied clients needs through the production of smartphones that are user-friendly, stylish and simple than its competitors but and develop new business strategies. Nokia can use business strategies to produce user-friendly Smartphones.
Bibliography
Adner, R. and Zemsky, P. 2005. ‘Disruptive technologies and the emergence of competition.' RAND Journal of Economics, 36/2: 229–54.
Dean F. Amel, Arthur B. Kennickell & Kevin B. Moore, 2008. "Banking market definition: evidence from the Survey of Consumer Finances," Finance and Economics Discussion Series …
