What is an emerging industry? What is the primary opportunity available to entrepreneurial firms in emerging industries? Name three examples of firms in emerging industries
What will be an ideal response?
An emerging industry is a new industry in which standard operating procedures have yet to be developed. The firm that pioneers or takes the leadership of an emerging industry often captures a first-mover advantage, which is a sometimes insurmountable advantage gained by the firm initiating the first significant move into a new market. Examples of firms in emerging industries include Apple with its iTunes music store, Brain Sentry in devices that detect concussions, and Buzzy in procedures that help relieve pain when shots are administered.
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Marisol uses the Internet for all aspects of her small accounting business, from payroll to communications. This is an example of _____.
Fill in the blank(s) with the appropriate word(s).
Beta testing tests the product within the firm to see how it performs in different applications
Indicate whether the statement is true or false