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Why is it important to pursue a technology that allows the firm to gain an initial advantage in industries where standards and compatibility are important strategic levers High-tech industries will dominate the low-tech market. Underlying technology will be rendered immaterial. There will be less need to subsidize new technology. These industries can become "winner-take-al" markets. What is likely to occur when high-technology industries advance the scientific knowledge used by companies? Share of economic power declines. Technical standards cease to create competitive advantage. Product attributes will advance. Product subsidies decrease. How has the retail industry moved from a low-tech industry to a high-tech industry? through increased use of online shopping through the use of order tracking systems through increased sales of high-tech consumer electronics through increased use of wireless payment options Why is control of technical standards in the market essentially a source of competitive advantage? They are the source of differentiation. They create dominant design standards. They create models for superior growth. They expand the body of scientific knowledge used in production. Why is dominant design important for consumers in an industry? It creates a common set of features that make use easier. It eliminates the need for format wars. It allows for less reliance on network effects. It lowers the fixed cost of new product development. How does the use of standards impact the production of complementors? They enable realization of economies of scale. They create opportunities for customization. They limit the supply of complementors. They reduce potential profitability. How can a firm ensure an industry standard remains a valuable resource to create superior profitability? lobby the government work with industry associations put the standard in the public domain protect it with patents and copyrights When two or more companies compete to get a technology adopted as an industry standard, which company is most likely to win the format war? the one with the least network effects the one with direct network effects the one that can best exploit the positive feedback loops the one with the lowest switching costs How can a firm best exploit a positive feedback loop? develop killer applications use a razor and blade strategy accelerate growth on one or both sides reduce switching costs