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Service innovation happens when a company changes and improves their customer service methods. This makes the company’s product more desirable to customers because they are offered better customer service. This also gives the company the opportunity to build a better relationship with their customers. Often service innovation involves getting customer feedback on how to better their customer service. Better customer service creates more customers and; therefore, more cash flow and profits are experienced by the company.

Custom software is often developed in-house for use by a specific organization or set of users: True or False

Assess the significance of three factors which might limit economic development in the developing countries.

Both potential and existing competitors influence average industry profitability. The threat of new entrants is usually based on the market entry barriers. They can take diverse forms and are used to prevent an influx of firms into an industry whenever profits, adjusted for the cost of capital, rise above zero. In contrast, entry barriers exist whenever it is difficult or not economically feasible for an outsider to replicate the incumbents’ position (Porter, 1980b; Sanderson, 1998) The most common forms of entry barriers, except intrinsic physical or legal obstacles, are as follows:

j.Explain and justify which of these your business may use when marketing their product or service (one of the businesses products/services you have explained within task d).

Threat of New Entrants - The easier it is for new companies to enter the industry, the more cutthroat competition there will be. Factors that can limit the threat of new entrants are known as barriers to entry. Some examples include:

3. What basic economic problem in the newly independent post-colonial countries was foreign assisted development intended to address? (Hint: savings.)

As a result of these reasons, we see that a new entrant would face significant barriers to entry.

Assess the significance of three factors which might limit economic development in the developing countries.

Core Benefit: The perceived benefit of this idea is that innovation that can impact the

Q. Using suitable examples define barriers to entry. Explain how barriers to entry affect our firm’s profits. Before a firm can compete in a market, it has to be able to enter it. Many markets have at least some impediments that make it more difficult for a firm to enter a market. A debate over how to define the term “barriers to entry” began decades ago, however, and it has yet to be won. Some scholars have argued, for example, that an obstacle is not an entry barrier if incumbent firms faced it when they entered the market. Others contend that an entry barrier is anything that hinders entry and has the effect of reducing or limiting competition. A number of other definitions have been proposed, but none of them has emerged as a clear

Market entry risks such as cultural differences, competitors, legislation, transportation issues, infringement of intellectual property rights and copyright.

If one market has strong and tough barriers to entry, then the company can safeguard a favorable position and take fair advantage of it. If one market has weak barriers and only cost a little in time or money, then new competitors can quickly enter the market and weaken your position. For example, the barriers are government, economies of scales, consumer switching cost, capital requirement and others.   The following is a Five Forces analysis of The Macdonald Company in relationship to its own brand.

There are a variety of barriers that an organization may face when entering into a particular market space. In the case of FireEye, the barriers they faced in the cyber security domain were incumbents in the market, like customers exhibiting cost sensitivity in switching from their existing service.

An array of policy documents and initiatives seek to encourage and support the contribution of universities to innovation in Africa. These policy discourses can be identified among national governments, international organizations, and international aid agencies. Organizations such as The World Bank, OECD and UNESCO regularly issue policy documents in support of African universities playing a greater role in innovation. For instance, the United Nations’ Task Team on the Post Millennium Development Goals-2015 acknowledges the role of innovation in driving growth in developing countries (UN 2013). The World Bank in particular has been for the past couple of