A Creative thought, an idea, a concept, or a plan that uses the natural laws to its advantage to turn a potential loss into victory . It is a plan or a series of maneuvers for obtaining a specific goal or result.
The essence of formulating a CS is relating the firm to its environment
The key aspect of a firm’s environment is the industry in which it competes
Industry Structure Analysis The five competitive forces Industry competitors Rivalry among existing firms Potential entrants Substitutes Suppliers Buyers Bargaining power of suppliers Bargaining power of Buyers Threat of new entrants Threat of substitute products or services
When a new product/technology is introduced first in one country and with a time lag in subsequent countries, there exists an opportunity for consumers in the lag countries to learn from the experience of the lead country adopters. This Phenomenon is what is referred to as the “learning effect.”
(Ganesh &Kumar 1996).
Such a learning has the potential to reduce the risk associated with adopting the new product, thus contributing to an accelerated diffusion of the product in the lag countries.
Learning Effect Between Lead & Lag Markets Geographical Proximity Cultural Similarity Economic Similarity Time Lag Type of Innovation Technical Standard Faster Adoption in Lag Markets Manufacturers’ Actions in Lag Markets