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Running head: STRATEGY 1 Strategy and Technology and Global Environment Name of Student Institution Affiliation STRATEGY 2 Strategy and Technology and Global Environment Chapter 7 1. Standardization is the process via which standards or minimum requirements are set regarding products. These mainly are introduced when the benefits of establishing the same are recognized. Cooperation among firms causes the process to happen via industry associations mediums (Cooper & Edgett, 2019). At the same time, the government sometimes can set standards, and these mainly fall into the public sphere where any company in the industry is allowed to incorporate the technology or values in its products. Format wars are the clashes that mainly regulate differentiation source and the advantages the aforementioned differentiation can create for clients (Werther & Chandler, 2018). Format wars can be caused by standardization since the same has network effects. In other words, standardization determines the demand in the industry since the existence of positive technology loops causes the demand for the same to rise (Devinney, Pedersen, & Tihanyi, 2017). At the same time, the consumers also cause lockouts of new standards since they may be unwilling to bear the said costs. Format war mainly benefits the consumers since they get to enjoy the best products from the best suppliers in the market. At the same time, the wars ensure that each supplier’s minds the quality offered. Clients also enjoy ...
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