Question

Explain the importance of collaboration and information sharing for businesses.

Explain what a “smart” product is, and use an example.

How do smart products increase rivalry among firms?

Answer 1

Collaboration and information sharing helps businesses in exchange of ideas and coming up with new innovative products and services which would be beneficial to businesses as well as customers. Also the technology and other resources can be shared between these businesses which would be helpful to both the sides. Hence collaboration and information sharing are very important.

Products which gives the experience of physical environment through a digitial platform are known as smart products. These products provides multiple features with advanced technological options making digital experience go to next level. Example of these products are smart phones which are being rapidly used and which are providing us with multiple services like ecommerce, music , mails etc., These smart products made the firms get more competitive with each other as one new feature is changing the complete trend and hence are coming up with new ideas . This made the environment more competitive and the firms more rival .