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Helsinki University of Technology
Institute of Strategy and International Business
TU-91.167 Seminar in Business Strategy and International Business
THE TRUE VALUE OF BEING THE FIRST MOVER
Jori Johansson
TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. TABLE OF CONTENTS
To automatically generate a table of contents, position the insertion point anywhere in the TOC below and press F9. Click Update Entire Table and 2.4. Need of economical and technological recourses. 6 TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 3.5. Brand loyalty and switching cost. 9 3.8. Yale patent appropriability study. 10 3.10. First movers that capitalised on their competitive advantage. 13 FIRST MOVER DANGERS AND LATER ENTRY ADVANTAGE . 14 4.2. Capability and resource commitment. 15 STRATEGIC IMPLICATIONS OF FIRST MOVER ACTION. 18 TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 5.2. Sustainability of the first mover advantage. . 19 5.3. When it is essential to be the first mover . 20 5.4. Conditions when it is better to be later entrant. 21 TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 1. INTRODUCTION
1.1. Background of the study
The base assumption is that the company gaining the initial presence in the market can acquire a temporary monopoly position in that market. Using that early market position, the company can gain market share and pricing benefits, referred to as the first mover advantage (FMA). Strategically, the timing of entry into a new market is of critical importance, especially in instances of broad technological change. 1.2. Research problem
The research problem is to find and clarify the issues surrounding the decision of a company to enter into a new untapped market as a first mover “What is the true value of being the first mover?” 1.3. Objectives of the research
The ultimate objective is to define and describe the key factors that affect company’s strategic decision-making process when entering into a new market. It is important to maximise the first mover advantages or delay the market penetration to gain and develop critical economical and technological factors that make profitable business possible. TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 1.4. Scope of the study
The scope of this study is market penetration strategy’s issues from the point of view of company that has capabilities to offer new product to potential customers. This study is mainly limited to high- and new technology markets because in these fields technology cycles are shorter and new markets are created more intensively than in traditional technology 1.5. Research methods
This report is a literature study. Information is collected from various literature sources like books, industry journals, existing theories and the 1.6. The structure of the report
The study is divided to four chapters in addition to the introduction and conclusion. Chapter 2 gives a short introduction to technology development, cycles and to some concepts. The objective is to give overview of the technology changes and the level of resources those require from companies. Chapter 3 cover the benefits that company will gain when being the first mover. Chapter 4 cover the disadvantages of being the first mover and the reasons why sometimes it is reasonable to be the later entrant. Chapter 5 concludes the findings and present critical factors that affect the strategic decision making when considering the entry to new TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. TECHNOLOGY
CHANGES AND REQUIRED RECOURSES
The most important factors that affect new market attractiveness are the nature of technological change and how much additional economical and technological recourses it requires from the company. Naturally market size and the estimated growth rate are also key factors when entering into new business area. If the first mover has technological advantage and enough commercial recourses business overturn is possible during the change. (Glass, Warren, Gorham & Lamont 1991.) 2.1. Technology cycles
Changes of technology can be divided to two categories; technology changes either discontinuous or incremental way (Figure 1.). Discontinuous change occurs when there happen major innovation/innovations in technological or economical area that overturns the nature of whole industry field or creates completely new market area. Impacts of discontinuous changes are remarkable and delay to next discontinuous change is often long, usually more than five years. Incremental development is less radical and often based on development of production processes and distribution. Incremental changes occur until next major development like new innovation that overturns the market again. (Tushman & Anderson1997.) TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. Figure 1. Magnitude of change versus time
2.2. Discontinuous change
Discontinuous change overturn the industry, this is the most suitable and also critical phase for first movers. Companies that used to dominate the business area often do not adopt new technologies and market factors rapidly enough. In this phase smaller companies, first movers, have to try capture as wide share of business as possible. There are several examples about companies (Table 1.) that have overturn or created a new industry during discontinuous change (Pilkinton), but on the other hand also many imitators have become dominant companies in the business (Microsoft). TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. innovator
imitator-follower
Table 1: Innovator/imitator-follower win/lose examples
2.3. Incremental change
After the discontinuous change many companies have several different kind of solutions, it is essential that first movers invest to correct technology. After technology change only one solution can become dominant (standard) and sometimes it is the first commercially published technology (industry guidance). Incremental change can be modeled as a technology cycle, which has four phases. Variation, that generates technical discontinuity resulting in concomitant rivalry between alternative technological regimes in the "era of ferment", the second component of evolution (Figure 2). "Era of ferment" is followed by the process of "selection" in which economic, social, political and organizational processes determine the technical option that is going to predominate. During the "era of retention" when a dominant design has evolved incremental changes prevail reinforced a technical community that has grown larger than in the earlier periods. The technical community committed to the dominant design resists both technological and economical discontinuities. (Tushman & Anderson1997.) TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. Era of ferment
variation
selection
Technological discontinuity
Dominant design
retention
Era of incremental change
Figure 2: Cyclical model of technological change
2.4. Need of economical and technological recourses
The risk of being a first mover also varies depending on the characteristics of the entry. As shown in Figure 3, the highest risk occurs when the new product is a radical substantive bet, requiring new technology knowledge in a fledgling market coupled with the new product requiring capabilities completely different and unique from the firm’s current capabilities. The lowest risk occurs when the new market requires incrementally different technology that is familiar to the organization. (Tushman & Anderson1997.) acto new fa
et f
new familiar
new unfamiliar
technology/service factors
Figure 3: Familiarity matrix
TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. FIRST MOVER ADVANTAGE
First mover advantage (FMA) refers to the potential competitive benefits gained by being the first (and sometimes early) entrant into a new product- market area. There are many potential benefits to being the lead entrant in a new, munificent market area. (TheStreet.com 2001.) 3.1. Market power
By being first, the company can build an installed base of customers. If there are any switching costs involved with the product or service, this base can act as a cash cow revenue source, to aid in competing and provide opportunities for expansion or scaling not available to later entrants. The early base of customers can also establish the company’s product/service in the mind of the market. This presence shapes the expectations of new customers in a direction beneficial to the first mover. The first mover can also lock in the most attractive supplier relationships, distribution channels, and market segments. One of the reasons why it is difficult for any new cereal producer to gain entry into the market is that the incumbents control shelf space in the grocery stores. The control of this distribution channel is a key barrier hindering later entrants from gaining access to this market. (Strategic Management Journal 1998.) 3.2. Industry guidance
The first mover can guide the direction of the new market by establishing formal industry leadership in the new area through patents and copyrights. The company can also establish informal leadership through the establishment of standards followed in the industry. Pharmaceutical companies compete aggressively for FMA in new markets due to the high TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. level of patent protection available to them. Examples of drug industry first mover successes include Ortho-McNeil with Tylenol and Pfizer with Viagra. (International Journal of Industrial 1987.) A second impact is that the first mover can gain advantages through network externalities. Network externalities arise when each adopter of a product benefits from subsequent adoptions. Examples include connected telecommunications such as facsimile machines or data transfer protocols. The value to each customer increases the more widespread sales become. Software often also exhibits network externalities. The more people who use the software, the greater the opportunities are to share files and information. Increased use of software also sparks more developers to create software that interfaces or uses the software. (USAToday.com 3.3. Organisational advantages
Often overlooked is that FMA can also be gained by the head start of the organization in developing organizational capabilities that are key to the product or service. Early entry allows the organization to build capabilities such as technical knowledge, customer knowledge, or process knowledge before other organizations are able to do so. One study of FMA even suggests that these learning and lead-time advantages were more important FMA than patents and market power advantages. (Strategic 3.4. Image and reputation
One important motivation for innovation is that consumers will identify the firm with creative innovative ideas. Rather than a pejorative “copycat ” TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. image, the firm may be seen as a “cutting edge ”innovator. It is hard to argue with the positive benefits of a strong reputation. (Kotler 2000.) 3.5. Brand loyalty and switching cost
Early entrants may gain advantages in loyal customers who are unlikely to try competing follower products. If switching costs are involved in the use of a new technology, the first entrant to a market benefit because consumers who adopt the product would have to incur a cost to use a competing product. This means that later entrants must offer a discount to the first mover ’s installed base or else expect customers to eventually switch to the entrants newer technology. Either way, entrant profits are eroded by the difference between what customers would be willing to pay and the switching cost to induce the change. (Kotler 2000.) 3.6. Learning curve
First moving companies will receive real life feedback earlier than competitors. This information is essential and from feedback is learning curve able to start. Learning curves can be traced to the 1930s in the assembly of airplanes. The man-hours needed to put an airplane together decreased as production increased. For example, airframe manufacturers found that the fourth plane took 80 percent as many hours as the second plane, and the eighth took 80 percent as many hours as the fourth. Productivity improved by a steady 20 percent each time the cumulative output doubled. (Strategic Management Journal 1989.) The biggest learning curve is in labor-intensive efforts. More automated processes-manufacturing plastic packaging films, for example-show smaller productivity improvements because the human element is smaller. The improvement rate for automated processes might be around 10 percent TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. every time cumulative output doubles. And the productivity will start leveling off faster for highly automated processes. That, of course, assumes that the equipment remains the same. (Strategic Management Journal 1989.) 3.7. Patent protection
For example biotech industry giant Genentech is widely known as an innovative and aggressive competitor. As an early entrant, Genentech was quick to build a strong patent base and to develop a thicket of patents around not only molecules but also the processes by which useful products were manufactured. Founded by noted scientist Herbert Boyer with Robert Swanson in 1976, Genentech pioneered and patented innovative biotech products and processes. However, defense of those patents came at a price. Intellectual property law for the technology required legal precedent for litigation. While the patent prima facie protects the product, it is left for litigates and court challenges to determine the true strength of the protection. Throughout its history, Genentech has in nested in litigating alleged patent infringements. Industry followers could play a far less risky wait-and-see game to find out how the courts would interpret intellectual property protection in the industry. Some have argued that the expense and uncertainty a sociated with the litigation process resulted in a cash-starved Genentech that was an easy target for the $2.1B merger with Roche Holdings in 1990. (International Journal of Industrial 1987.) 3.8. Yale patent appropriability study
In the Yale Appropriability Study patents were found to be one of the weakest approaches to capture the returns from innovation. 650 respondents on a Likert scale from 1-7 rated the effectiveness of patents in TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. securing competitive advantage. The responses related to innovation in either new products or the manufacturing processes itself (Table 2). Methods of appropriation
Processes
Patents to prevent duplication 3.52 4.33 Table 2: Responses on patent effectiveness (Yale Appropriability Study)
Clearly, being first to invent, and gaining a patent from first-mover advantages, is generally overrated. The open source software movements, such as Gnu Public License or Linux, demonstrate that product learning may be more important than intellectual property protection. Software developers are willing to put their software into an open source license because they believe it will help their product to become more standardized and more bulletproof. Without patent protection, the developer may lose first-mover advantage, but benefits with greater product knowledge. In the open source software community, the advantage to moving first may be the opportunity to influence the standards upon which later versions of the software is based. (International Journal of Industrial 1987.) TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. Figure 4: Followers new product cost (typical innovation)
From figures four and five it is easy to see that patents have affect to the product cost of follower companies. However the difference between patented and unpatented cost is quite small and even nature of innovation affect more to the R&D costs. (International Journal of Industrial 1987.) Figure 5: Followers new product cost (major innovation)
TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 3.9. Case Mobil Chemical Company
In the 1980s, Mobil Chemical Company pioneered the coated packaging films now commonly used to wrap candy bars, potato chips, and other snack foods. But Mobil's high costs and slow-moving culture left a lot of room for smaller companies to follow into the market with lower costs. Mobil has had trouble maintaining the profitability of its packaging films. Mobil Chemical Company is a good example of first mover, which didn’t utilize its first mover advantage. Company could not learn essential factors of market fast enough, also manufacturing and organizational processes did not develop as fast as competitors processes. (Management Journal 1988.) 3.10. First movers that capitalised on their competitive advantage
Many first moving companies have capitalised their competitive advantage, below nine famous examples from different kind of market areas. • McDonald's, fast-food hamburger restaurant. • Lever Brothers, liquid laundry detergent (Wisk). • Procter & Gamble, disposable diapers (Pampers). • Federal Express, affordable overnight delivery. • Cable News Network, 24-hour televised news. TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. FIRST MOVER DANGERS AND LATER ENTRY ADVANTAGE
Despite the potential advantages of being a first mover, some have argued that given a choice it is better to come into a new market later and garner a ‘second’ mover advantage. Later entrants may gain advantages due to two reasons: inertia created by early entry and learning. (TheStreet.com 2001.) First mover
Replacement
Follower
Table 3: Follower success in several business areas
4.1. First mover inertia
First movers undertake commercial activity under conditions of high uncertainty. In most cases the market and customer base is still being formed. In cases where technology is changing and uncertain, decisions must be made with limited information. Because of this, first movers can lock themselves into organizational designs, business models, and TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. technologies that are the incorrect or limiting to the long-term success. 4.2. Capability and resource commitment
As a first mover, a company often finds it difficult to reverse its initial strategic direction. Its commitment includes tangible assets such as manufacturing plants and distribution arrangements, and intangible assets such as top management and staff capabilities and experience. If customer needs change, as often happens in nascent markets, the organization finds it difficult to adjust as quickly as later entrants who have not made those 4.3. Fear of cannibalisation
First movers have to manage greater demand uncertainty than later entrants. Estimations of market size, overall revenue and industry growth are often difficult to predict as the onset of a market. After gaining an initial market presence, the FM must also manage cannibalization risk if the new alternatives to providing service or products arise. A FM generates revenues from its installed base, and must weigh the risks of moving a new direction and hurting the current business. For example, Osborne Computer in the early 1980s was an early leader in building inexpensive personal computers. When Osborne pre-announced a significantly improved model, the Osborne II, sales for the original Osborne computer slowed to a trickle, as potential buyers decided to wait for the new product. As a result, Osborne did not have the cash to finish developing its new-generation computer, and it went bankrupt. Later entrants do not have an installed base to service, and thus have no cannibalization risk. (USAToday 2001.) TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 4.4. Later entrant learning
The simplest learning advantage that a later entrant can have is timing. A first mover can have the right product and product idea, but the timing of the introduction may be wrong. Timing is affected by factors such as network externalities, customer knowledge, technology, and competitive activity. Apple was one of the first companies to push personal digital assistants but never was able to make it a viable business. Five years later the PalmPilot and similar products have become mainstream successful products. A later entrant can take advantage of the mistakes and experimentation undertaken by the first mover. The second mover does not incur the high development costs and testing expenses that a first mover experiences. The later entrant can also use the operating and strategic models of the first mover as a starting point, and refine them to out-compete the first mover – beating the FM at its own game. In markets with fast changing technologies, later movers are also able to take advantage of improved or newly available technologies in providing their product or service. Later entrants are often able to offer new technologies and capabilities in a seamless manner, as the product is designed originally with the capability in mind. First movers often have to go back and retroactively design new 4.5. Market knowledge
One of the most difficult aspects of new product offerings is determining the price/performance mix. Later entrants have the ability to observe the market’s reaction to currently offered price/performance mixes and position Later movers also get a better picture of the market as it does forms. They are then able to target the most desirable niches that generate greater TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. profits and loyalty. First movers may be blinded by their early struggles, committing to their initial market segments and approach even in the face of evidence that other market niches afford better opportunities. Large organizations can also be later entrants. They can wait until the market starts to mature and the direction is better defined before entering. Then these companies can apply their greater resources and market strength to catch up to the early entrants. In the technology world, companies like Microsoft and Cisco have used acquisitions to apply this strategy. They have used their resources to purchase first movers after their technological direction has gained momentum, but before the first mover has been able to gain a significant market size and position. (Strategic 4.6. Case Eastman Kodak Company
Fuji invented the recyclable camera, but Eastman Kodak Company followed with a full line of single-use cameras from panoramic to underwater, to specially packaged party and wedding packs. Kodak is now the U.S. leader by far in this fast-growing market, although it trails in Japan and is running neck and neck in the rest of the world. (Strategic Management Journal TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 5. STRATEGIC
IMPLICATIONS
OF FIRST MOVER ACTION
The decision of a company to be a first mover or a later entrant is a strategic choice guided by company's current competitive position, organizational capabilities, industry volatility, and risk propensity. One aspect of being a first mover is that it is partly influenced by organizational design. Market pioneers have different capabilities and resources than later entrants. Companies that focus on marketing and manufacturing tend to be later entrants. Not surprisingly, companies with product development expertise tend to be early entrants. However, formal R&D skills do not have a big impact on entry timing. With first movers, it is commercialisation and risk skills that lead to entry, not pure technical innovation. This is why companies with legendary R&D ability, such as AT&T’s Bell Labs and Xerox’s PARC (Palo Alto Research Center), created numerous innovations and new product markets that were commercialised by other companies. 5.1. Incumbents and first moving
The general assumption is that incumbents will be later entrants in new markets, while first movers will tend to be smaller or newer companies. In addition to cannibalisation risk and the ability to catch up, incumbents also want to protect their brands and avoid dilution. One reason upscales car manufacturers where late to enter the car-like SUV market was their fear of diluting brand images. Once the market was established, companies such as BMW, Mercedes, Lexus, and Cadillac provided product offerings. Brand extensions enter later than new-name brands. Companies with large customer bases enter later, attempting to avoid cannibalism and damage to However, large incumbents are more like to be first movers where market entry is costly. In industries such as pharmaceuticals, new entry stems from TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. large incumbents, due to the high cost of research, testing, and FDA approval. Smaller firms cannot afford to absorb that high level of cost, which is why many of the newer and smaller firms in that industry focus on producing generic drugs, avoiding development expenses. (Glass, Warren, 5.2. Sustainability of the first mover advantage.
Evaluating the risk and reward of being a first mover rests on how sustainable is the FMA. Companies rely on isolating mechanisms such as patent protection, switching costs, brand loyalty, economies of scale, or quality uncertainty to attempt to maintain the FMA. It is very difficult to maintain FMA when many entrants follow the first mover, no matter what the lead-time. Intense imitation and frequent entry transform a pioneering market space into a commodity competitive arena. Thus, in markets where barriers to entry are low (such as much of the Internet), companies cannot count on sustainable FMA but must have a strategic plan to continually out- compete their rivals. They must also think of market segments where even in the face of low barrier to entry, they can lock in customers. One example is money market funds. It has been shown that FMA is sustainable in this segment, despite the ease with which customers can move funds, because customers tend not to switch even in the face of better options. So by locking in customers, first movers are able to gain some sustainable Technological discontinuities also make it difficult to sustain FMA. In market segments where the technology is changing rapidly, early success is often wiped out by rapid technological change that requires new knowledge and creates different customer expectations. In this situation, the primary FMA’s are in using the early profits to invest in new technology, and extending the TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. market’s awareness of and confidence in the FM’s ability to provide a quality product. (Glass, Warren, Gorham & Lamont 1991.) 5.3. When it is essential to be the first mover
There are many disadvantages and risks to be the first moving company; on the other hand in some cases it is extremely important to gain the first mover advantages. (Tushman & Anderson 1997.) - The company has technological and economical competencies that are required in the market field. The risk of failure is always smaller when the most important skills are already inside the company. - During discontinuous technological change. In this phase old competencies are destroyed and new are created, slowly moving - When the company has critical innovation, which can be effectively - The company wants to increase the market share and there is no risk to cannibalise own core competencies or own market share. - The company do not have enough marketing power but it has technological and economical competencies. - The consequences of single failure are not critical and at the same time being the first mover support brand image or product/service portfolio. - New product has market potential, market is probably going to grow fast and there are enough probabilistic customers. TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 5.4. Conditions when it is better to be later entrant
In most cases it is wiser to be a later entrant. There are many factors and environmental issues that give competitive advantage to later entrants. It is strategically important to identify situations when first moving is in fact disadvantage because of the negative consequences. (Journal of - Market environment is nonstable and it is hard to recognise unambiguous signals from technological development and change. - There is not clear evidence of market potential, market growth or - Many technologies and standards are competing against each other. - The company do not have required core competencies. - The company already have strong market position and there is risk to cannibalise own market share and competencies. - Marketing plays a big role when selling product and creating brand - New innovations are difficult to protect with patents and copyrights. - New product or technology do not support product or service portfolio. TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 6. SUMMARY
First mover advantage is often a misnomer. Moving first can be an advantage or disadvantage depending on the market and competitive situation. Companies that are lauded as first movers are often not the initial movers. Instead those companies are first movers that were able to gain a significant commercial presence. The companies who made initial forays into the market but gained no presence are often ignored. Additionally, first moving is frequently presented as an all or nothing strategy. Companies may instead create a ‘first-presence’ in a market. They will use joint ventures, alliances, and pilot tests to gain an initial presence in a new market without allocating significant resources or shifting organizational capabilities. In this way they try to ‘have their cake and eat it too’, gaining the benefits of being a first mover, while avoiding the costs and pitfalls that also come with being the initial or very early entrant. TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. ABBREVIATIONS AND CONCEPTS
A Likert type scale is a widely used questionnaire format in which a series of statements is used to measure a particular characteristic by asking for a response which typically involves choosing from among two or more response categories to indicate extent of agreement or disagreement with each statement. [ERMM, 427-9] [IEE, 9, 5153-4] TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 8. REFERENCES
8.1. Journal Articles
Name of journal
"First-Mover advantage: What's it really worth?" "First mover advantage, no longer an advantage". "First-Mover (Dis) Advantages: Retrospective and "The Learning Curve, Technology Barriers to Reprinted in Innovation, Evolution of Industry, and Audretsch and S. Klepper, eds., "First-Mover Advantages," (with David "The Learning Curve, Diffusion, and Competitive International Journal of Industrial "Strategies for Capacity Expansion". "The Learning Curve and Pricing" Table 4: Journal articles
TU-91.167 Seminar in Business Strategy and International Business 04.05.2002 Helsinki University of Technology, Institute of Strategy and International Business. 8.2. Reference books
Name of journal
Appropriating the returns from industrial research Managing Strategic Innovation and Change "Strategy of Market Entry: Pioneer or Follow?" Table 5: Books

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