The Essence to Winning a Standards War Is

question 47

Multiple Choice

The essence to winning a standards war is

• A)having the best technology.
• B)building a strong market presence, and some powerful allies - complementers and leading customers.
• C)owning the most intellectual property.
• D)simply being the first in the market.

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Definitions:

Product Development

The process of bringing a new product or service to market, including ideation, design, creation, and marketing stages.

Diversification Strategy

A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve.

Market Penetration

The extent to which a product or service is recognized and purchased by customers in a particular market.

Marketing Mix

The strategic set of actions that a company uses to promote its brand or product in the market, involving variations of product, price, promotion, and place strategies.