1.7 In addition to choosing a competitive strategy, companies in an emerging industry need to consider one or more of the following actions in their approach to strategy. (1)
A. Consider merging with or acquiring another firm
B. Not to try to capture first-mover advantages by adopting emerging, dominant technologies quickly
C. Not to acquire or form alliances with companies that have related or complementary technological expertise
D. Not to shift advertising emphasis from creating product awareness to increasing product use and building brand loyalty as the product becomes more familiar
E. Focus on building strong relationships with key stakeholders, such as customers, suppliers, and distributors
F. Invest in research and development to stay ahead of technological advancements in the industry
G. Adapt and modify their business model as the industry evolves and new opportunities arise
H. Monitor and analyze the actions and strategies of competitors in the industry to identify potential threats or opportunities.