Describe the Internal Growth Strategy of New Product Development

question 46

Essay

Describe the internal growth strategy of new product development. Why is it a competitive necessity in some industries that entrepreneurial firms focus on this form of growth?

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Definitions:

Capitalism

An economic system based on private ownership of the means of production and their operation for profit, characterized by competitive markets, wage labor, and capital accumulation.

Separation Of Work And Life

The distinction and effort to maintain boundaries between one's professional responsibilities and personal life activities to ensure work demands do not encroach on personal time.

Fordist Era

Pertains to the period of industrialization marked by mass production and the assembly line, named after Henry Ford, emphasizing efficiency, standardization, and high wages for workers.

Rational-Legal Authority

A form of leadership where power is legitimized by explicit rules and procedures, and authority is vested in positions rather than individuals, underpinned by laws and bureaucracies.