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Innovation enables firms to:
-introduce more product and service variations, enabling better market segmentation and penetration;
-improve existing products and services so that they provide better utility to customers;
-improve production processes so that products and services can be delivered faster and at better prices.
Increasing globalization has both expanded the potential markets for many firms while simultaneously exposing them to greater competition; this has resulted in firms putting more emphasis on innovation as a lever of competitive differentiation. Furthermore, information technology has enabled such process innovations as CAD/CAM, rapid prototyping, and flexible manufacturing, enabling firms to produce more product variants faster and cheaper. This is a double edged sword: it has enabled product lifecycles to shorten (making rapid innovation more imperative) while simultaneously improving a firm's options for innovation.
What else can I help you with?
True-or false-explicit collusion means when firms explicitly compete?
It is false.It means when firms explicitly agree to co-operate rather than compete.
What is the Definition of allied concern?
allied firms
What is the definition of Indigenous firms?
Indigenous firms are companies set up in their country (if the entrepreneur sets up in their home town). They use the 'nature' surrounding them to supply the factories.
What are the objectives of a firm?
The objective of the firm is the goals that a firms desires to achieve. In most cases, the objective will be to make profits.
What are the definition and example of horizontal business combination?
when two or more firms producing same industry and lying on the same line combine together
What is the scope of industrial economics?
Industrial economics studies the behavior of firms, market structures, and the interaction between industries and the economy. It focuses on understanding how firms compete, the role of market power, pricing strategies, and the effects of regulation and policy on industries. Additionally, it examines the dynamics of innovation, technological change, and the impact of globalization on industrial performance. Overall, it provides insights into optimizing resource allocation and enhancing competitiveness within various sectors.
Why does firms compete?
fiming
True-or false-explicit collusion means when firms explicitly compete?
It is false.It means when firms explicitly agree to co-operate rather than compete.
What are the primary sources of the competitive advantages firms use to compete in international market?
The local market share is one of the primary sources of the competitive advantages that firms use to compete in the international market.
What are the primary sources of the competitive advantages firms use to compete in international markets?
The local market share is one of the primary sources of the competitive advantages that firms use to compete in the international market.
What does industrial organization mean?
Industrial organization is a branch of economics that studies the structure, behavior, and performance of firms and industries. It focuses on how firms compete, the role of market power, pricing strategies, and the effects of government regulation. By analyzing the interactions between firms and their environments, industrial organization seeks to understand how these elements influence market outcomes and overall economic efficiency.
Of what considerations should firms attempting to compete on a global basis be aware?
Firms attempting to compete on a global basis should be aware that nations differ greatly in their political, legal, economic, and cultural environments
What government payment helps domestic producers compete with a foreign firms?
Subsidies
Why is fair competition important in the private enterprise system?
Fair competition allows firms to compete in the marketplace, knowing that they won't be subjected to excessively aggressive practices that are designed to eliminate them.
When a merger of firms in a variety of different industries is called a?
When a merger of firms in a variety of different industries occurs, it is called a "conglomerate merger." This type of merger involves companies that operate in unrelated business sectors, allowing for diversification of products and markets. Conglomerate mergers can help firms reduce risk by spreading their investments across different industries.
What is the law that allows select American firms to form a monopolies to compete with foreign cartels?
The law that allows select American firms to form monopolies to compete with foreign cartels is known as the "National Security Act" under the Defense Production Act. This legislation permits the government to support the consolidation of firms in specific industries deemed critical to national security, allowing them to operate as monopolies to enhance competitiveness against foreign entities. Additionally, the Sherman Antitrust Act includes provisions that can be interpreted to allow for such actions under certain national security considerations.
Why don't small firms grow bigger?
A lack of resources to expand is usually the answer. Small firms must keep their prices small to compete with the bigger firms and in that price it does not include the money needed for expantion.
