Hello, I need help with the following questions. Positive feedback and comments

Question

Hello, I need help with the following questions. Positive feedback and comments will be left, if both questions are answered properly. Thank you so much for your time!

Questions:

1. Why would a company choose to follow rather than lead technological innovations? Is the potential advantage of technological leadership greater when innovations are occurring rapidly, or is it better in this case to follow?

2. If you were in the grocery business, whom would you benchmark for technological innovations? Would the companies be inside or outside your industry? Why?

Explanation / Answer

Although it is different from my industry which is an automobile one but still the way it has adopted to new technology and managed it's business profitability so far, I'd choose Walmart for benchmarking, and it would be definitely useful to adopt some techniques such as using the benefit of economies of scale, cost-effectiveness. They use zillions of data to skim through customer requirements. For benchmarking regarding technological innovations it can be anybody whom you wish to follow and set as standard because technically all the stores are fighting with each other for their share of market and directly or indirectly we all are competitors of each other. So, taking up a concept or an idea for successful business is worth even it is from a different industry and is bringing in revenue for your business.

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.