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1 Running head: Assignment 5 Business Strategy and Management Principles Harrisburg University of Science and Technology Prof: Rick Coplen, MPA, BS Yaswanth Kumar Pedavalli ID: 113450 Date: 04/23/2016 Assignment 5 2 Describe standardization, format wars, and how standardization can lead to a format war. Standardization: Formulation, publication, and implementation of tips, rules, and specifications for common and recurrent use, aimed toward achieving optimum degree of order or uniformity in a very given context, discipline, or field. It is a system of assertions to which all pertinent gatherings in an industry or association must stick to guarantee that all procedures connected with the production of a decent or execution of an administration are performed inside set rules. This is done to guarantee the deciding item has predictable quality, and that any conclusions made are tantamount with all other identical things in the same class. Format Wars: Battles to line and management technical standards in a very market are cited as format wars. essentially, battles to regulate the supply of differentiation, and therefore the worth that such differentiation will produce for the client. as a result of differentiated merchandise typically command premium costs and are typically overpriced to develop, the competitive stakes are huge. The gainfulness and survival of an organization may rely on upon the result of the fight. A format war happens once 2 incompatible versions of the same technology begin to vie against each other within the market. In nearly each case, one in every of the 2 formats wins come in the top, either attributable to a far better selling strategy or a superior product, going away teams of unlucky customers with associate degree obsolete technology. Format wars are commonest within the realm of audio and video technology, however they’ve conjointly concerned computers, digital media storage, and even one thing as basic as electricity. Assignment 5 3 Once standardization occurs, how does the industry benefit? Benefits of Standardization in the Industry: • A specialized standard sureties’ similarity amongst items and their supplements. • Having a standard can diminish perplexity in the psyches of purchasers. • The rise of a standard can diminish production costs. Once a standard rises, items that depend on the standard configuration can be mass delivered, empowering the producers to acknowledge generous economies of scale while bringing down their cost structures. • The rise of standards can decrease the dangers connected with supplying correlative items, and in this manner build the supply for those supplements. • Standards lead to both minimal effort and separation points of interest for individual organizations and can raise the level of industry benefit. During a format war, describe how competition occurs and how a price war can take shape. Competition exists wherever organizations turn out similar product that charm to an equivalent cluster of customers, once totally different corporations create or sell things that though not in head to go competition still contend for an equivalent cash within the customer’s pocket. Price wars will produce economically devastating and psychologically debilitating things that take an unprecedented toll on a personal, on an individual, an organization, and industry gainfulness. Regardless of who wins, the competitors all appear to wind up more terrible off than before they joined the fight. But, price wars are turning out to be progressively regular and extraordinarily savage. Consider the accompanying examples: A common plan of action to jump-start demand is to adopt a razor and blade strategy: valuation the merchandise low so as to stimulate demand and increase the put in base, so making an attempt to form high profits on the sale of enhances, that area unit priced comparatively high. Assignment 5 4 This strategy owes its name to inventor, the corporate that pioneered this strategy to sell its razors and razor blades. This identical strategy is employed within the videogame industry: makers value videogame consoles at value to induce shoppers to adopt their technology, whereas they create profits on the royalties received from the sales of games that run on the sport system. Define first and second movers. How do these two entities interact within and industry, and who learns what as the industry takes shape? First Mover: An organization that pioneers a selected product class or feature by being first to supply it to plug. The first mover that makes a revolutionary product is in a very imposing business model position. First mover’s area unit firms that have the assets, capabilities, and core competencies that modify them to realize a competitive advantage through innovative and entrepreneurial competitive actions. If the new product satisfies unmet shopper desires and demand is high, the primary mover will capture important revenues and profits. Benefits of First Mover: • Establish significant brand loyalty • Enduring competitive advantage • Create switching costs Second Mover: Second movers are organizations that react to a first mover's focused activity, frequently through impersonation or a move intended to counter the impacts of the activity. Benefits: • Customer Development • Product Management 5 Assignment 5 • Customer Acquisition • Procurement The first mover could also be able to accumulate valuable information associated with client desires, distribution channels, product technology, method technology, and so on. information thus accumulated will provides it a pro that later entrants would possibly notice troublesome or bigticket to match. a second mover ought to judge initial customers' reactions to the first-movers actions and analyze markets to spot essential problems. second mover to catch a percentage of the underlying clients and increase a level of brand and client devotion and keep away from a portion of the dangers confronted by the first mover. It will likewise help to gain from the first mover's oversights and victories and maintain a strategic distance from business sector improvement costs. References Michael N. Young; Donald Liu. Hong Kong Disneyland. Harvard Business Review. 2014. Michael E. Porter. Competitive Strategy. Free Press. 2004. ...
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Describe standardization, format wars, and how standardization can lead to a format war.
Formulating, implementing, and publicizing of procedures, stipulations, and guidelines intended
for recurrent, and everyday usage, focused on attaining an optimal degree of uniformity or order
in any field, discipline, or situation. It is an assertions scheme where all relevant groups in an
association ought to stick to make certain that all the processes allied with productions or
executions of administrations are accomplished within the set rules. This is usually performed to
make sure that the determining product has a predictable quality, and that the deductions made are
undistinguishable with every other similar item in that particular class.
Format Wars:
These are scuffles in technical management of standards in a particular business sector.
Struggles meant to regulate differentiation supply, and thus the worth that this kind of diversity
yields for the consumer. Typically, discerned produce command the highest charges and are
expensive to help in developing the vast competitive risks. The survival and gainfulness of a firm
might depend on the fight’s ...

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