1. What are dominant logics? After explaining what they are, discuss some of the primary benefits and drawbacks of dominant logics.
The idea of Dominant logics are shared assumptions within a business and are therefore used in the decision making process. An example of this would be the idea that hard work leads to higher payoffs. The strategy of the organization will depend on what our dominant logics are.
Dominant logics are very useful for recognizing what you have strategized about in the past because it’s most likely the first idea that pops into your head. It provides a mental model that if you don’t become so attached can act as a quick guide. As long as you don’t hold these dominant logics for a long time they can be useful in strategizing …show more content…
I chose this one as the most important factor over my second choice of political/legal because technology I believe will continue to play a large role in how the music industry operates as opposed to laws which don’t seem as though they are changing, but instead becoming more confusing.
Although MP3 formatted songs have been around for a while now the places where you can purchase and the items you can play them on keep evolving. As we discussed it wasn’t until the digital file format of the music industry that the idea of buying single songs really exploded. Also, along with this we discussed the impact the Peer-to-Peer sharing of music and that greatly negatively affected the industry, which could only be done through the invention of the MP3 format. In the chapter it talked about how “blind adoption of new technologies” can lead to effects that were not realized by the company. Thus a forewarning on adopting technologies without realizing their harmful effects, just like how the music industry was blind to the possibility of freely sharing your music over the internet. This is why technology is so important when looking at the remote …show more content…
The faster an industry is growing the more likely it is to present better growth opportunities. Second you have the size of the industry and how many players there are and their proportion of the market they control. Profitability of an industry is another factor and it looks into the fundamentals of whether or not the organizations in the industry are earning profits. The competitive structure of the industry is important in determining the strength of the competitive forces. Market diversity examines the range of market segments the industry’s products cover, the more segments the less risky the industry. Cyclicability of an industry relates to diversity in the more cyclical the industry the more risk. Finally, community risk is the safety and health dangers that the industry
The idea of Dominant logics are shared assumptions within a business and are therefore used in the decision making process. An example of this would be the idea that hard work leads to higher payoffs. The strategy of the organization will depend on what our dominant logics are.
Dominant logics are very useful for recognizing what you have strategized about in the past because it’s most likely the first idea that pops into your head. It provides a mental model that if you don’t become so attached can act as a quick guide. As long as you don’t hold these dominant logics for a long time they can be useful in strategizing …show more content…
I chose this one as the most important factor over my second choice of political/legal because technology I believe will continue to play a large role in how the music industry operates as opposed to laws which don’t seem as though they are changing, but instead becoming more confusing.
Although MP3 formatted songs have been around for a while now the places where you can purchase and the items you can play them on keep evolving. As we discussed it wasn’t until the digital file format of the music industry that the idea of buying single songs really exploded. Also, along with this we discussed the impact the Peer-to-Peer sharing of music and that greatly negatively affected the industry, which could only be done through the invention of the MP3 format. In the chapter it talked about how “blind adoption of new technologies” can lead to effects that were not realized by the company. Thus a forewarning on adopting technologies without realizing their harmful effects, just like how the music industry was blind to the possibility of freely sharing your music over the internet. This is why technology is so important when looking at the remote …show more content…
The faster an industry is growing the more likely it is to present better growth opportunities. Second you have the size of the industry and how many players there are and their proportion of the market they control. Profitability of an industry is another factor and it looks into the fundamentals of whether or not the organizations in the industry are earning profits. The competitive structure of the industry is important in determining the strength of the competitive forces. Market diversity examines the range of market segments the industry’s products cover, the more segments the less risky the industry. Cyclicability of an industry relates to diversity in the more cyclical the industry the more risk. Finally, community risk is the safety and health dangers that the industry