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In: Economics

Young, innovative or high-tech firms often adopt the strategy of ignoring history or trying to do...

Young, innovative or high-tech firms often adopt the strategy of ignoring history or trying to do something radically new. In what ways might this strategy help them? In what ways might this strategy hinder them?

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Expert Solution

Answer : Innovation, high tech ideas means creating more business process, product and ideas in logical and systematic manner. It means implemented new ideas, improving services and creating new product without concerned about history.

The different strategies that help are :

  • Solve problems easily and provide creative as well as logical answer in logical manner.
  • Increased productivity of the business as high tech helps in Achieving long term objective.
  • Present your product in better manner as compare to earlier.
  • Best your competitors and increases market share .
  • Created loyal customer
  • Right marketing techniques has been applied.

Hindrance of innovation strategy arev:

  • Higher pioneering cost and huge investment needed.
  • Educating buyers about the usage of the new product.
  • There is an uncertain demand for the product.
  • Changing buyers need.
  • Low cost intimation about the product in the market place.

Rahul Sunny answered 1 year ago
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