Strategic avenues for a successful emerging industry

Question

What are the strategic avenues for a successful emerging industry?

Answer 1

To be successful within an emerging industry, companies generally have to follow one or more of the given strategic avenues:

i. Try to succeed the early contest for the industry leadership with a bold creative strategy and the risk-taking entrepreneurship.

ii. Enhance product quality, push to perfect the technology, and develop extra attractive performance features.

iii. As technological doubt clears and a dominant technology emerges, adopt it rapidly.

iv. Form strategic alliances with the main suppliers to gain access to technological capabilities, specialized skills, and components or critical materials.

v. Obtain or form alliances with companies which have associated or complementary technological expertise

vi. Try to get any first-mover advantages related with early commitments to assuring technologies

vii. Pursue new type of customer groups, entry within new geographical areas and new user applications

viii. Make this easy and cheap for first-time buyers to attempt the industry’s first-generation creation

ix. Utilize price cuts to attract the subsequent layer of price-sensitive buyers within the market.