Virtual reality is a new and emerging market, so the firm concentration is low b
ID: 378216 • Letter: V
Question
Virtual reality is a new and emerging market, so the firm concentration is low because there are not that many competitors. Seeing Entrepreneurially, summarize the lifecycle stage of your industry and the existing industry structure. Beyond your prior analysis, what further perspectives do you have on the lifecycle stage of your industry and the existing industry structure for your new venture opportunity? Include at least 3 references that support the lifecycle stage and industry structure that you've presented. These references should be listed in APA format.
Explanation / Answer
Firstly I would like to thanks for this question.
Now I would like to tell you that in any country there will be so much competition in every field that we have to face a lot of problem while setting our industry .As in today’s world everyone make strategies and plans so that they can able to survive in their field and run for long time but while setting up their industry they have to make all these terms in mind so that they can able to run their business in a better manner.
01:-Firstly they should always know that what is the latest technologies are used by their competitors so that they can able to know about that technologies and they can also able to use in their organisation as this can able to give competition to them.
02:-Secondly they should do their online advertisement so that each and every people can able to know their company name or brand name and they can able to use their products .As we know that online marketing in one of the most important key point to achieve success in their field and to compete with their competitors.
03:-Thirdly when a new company realise that our company is doing good in their business they should do forecasting so that they can able to know about their targets and goals which they have to achieve because without these things they cannot able to work or give their100% in their work. As this is one of most important point to achieve success in their work.
04:-Fourthly they can do induction of their work by reaching every place where they think that this can give us more profit and make a good relationship with their customers as a relationship always gives support when we feel that we are in danger.
So, these are the points which will be always followed in a proper manner by a new venture so that they can able to achieve success in their work and can able to run their industry for long time.
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