LCBM7024-Assessment 1: Advantages of pioneers and followers
TASK DESCRIPTION
One of the most important questions faced by business leaders in the strategic marketing process is a choice of timing to launch new product/technologies and enter new markets. There are two options: to be a pioneer or to be a follower. Both have advantages and risks, the relative success of each strategy depends on several factors, both internal and external.
Your Task:
Essay Question
1a. What are the advantages of being a pioneer and follower company? Provide examples of successful pioneer and follower companies.
1b. What product life cycle strategies do successful pioneer and follower companies implement to increase growth and maintain a strong competitive advantage? Provide examples of companies to support statements made.
Please note the following when completing your written assignment:
- Writing: Written in English in an appropriate business/academic style
- Focus: Focus only on the tasks set in the assignment.
- Document format: In essay format or any other suitable format appropriate to the context. The total word count should be equivalent of 2500 words. Ensure a clear title, course, and name or ID number is on a cover sheet and a bibliography using Harvard referencing throughout is also provided.
- Research: Research should use reliable and relevant sources of information e.g. academic books
and journals that have been peer reviewed. The research should be extensive.
The use of a range of information sources is expected – academic books, peer reviewed journal articles, professional articles, press releases and newspaper articles, reliable statistics, company annual reports and other company information
