CQ 1: Why do so many entrepreneurs enter the same market?
5 important questions on CQ 1: Why do so many entrepreneurs enter the same market?
What is red ocean strategy? (6)
- Focus on current customer
- Compete in existing markets
- Beat the competition
- Exploit existing demand
- Make the value-cost trade-off
- Align the whole system of a firm's activities with its strategic choice of differentiation or low cost
What is simultaneous market entry? (3)
- High probability that several entrepreneurs have the same idea (e.g. because of changing market conditions)
- "Reference group neglect"
- "Waves" of new technologies and business models (e.g. Internet boom)
- Advances in information and communication technologie (ICT)
- Irreversible specific investments (e.g. R&D) before market entry
- Shortening product life cycles
What are market entry strategies?
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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What is the market entry game?
- N-player games where each player faces a choice between entering a market and staying out
- Should you enter or stay out, given what you know about payoffs in the market?
What are the conclusions of the market entry game? (2)
- Market entry often 'simultaneous situation' with no coordination
- pure/mixed strategy equilibria describe the average behaviour of people in market entry games pretty well
- the number of real-world business start-ups typically exceeds market capacity
- Overconfidence (in one's skills) may influence perceptions about (relative) pay-off, which may result in excess market entry
- could be one reason for relatively low income of entrepreneurs
- could be one reason for relatively high failure rate of businesses
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
