Create two essay questions and associated answers. Wharton…
Create two essay questions and associated answers. Wharton Managing Emerging Technologies – Need two pages answer with APA standards with appropriate References. Answer should be according to the text book Wharton Managing Emerging Technologies. No plagiarism and on time delivery. Purchase the answer to view it
Answer
Essay Question 1:
Discuss the role of innovation and technology in the success of emerging businesses, using examples from the Wharton Managing Emerging Technologies textbook.
Answer:
In today’s highly competitive business landscape, innovation and technology play a crucial role in the success of emerging businesses. The Wharton Managing Emerging Technologies textbook highlights several examples of how these factors contribute to the growth and sustainability of such companies.
One notable example discussed in the textbook is the case of Uber, the ride-sharing platform that revolutionized the transportation industry. Uber’s success can be attributed to its innovative use of technology, particularly its development of a user-friendly mobile application. This app allowed customers to easily request and pay for rides, while providing drivers with a platform to connect with potential passengers. By leveraging technological advancements, Uber was able to disrupt the traditional taxi industry and offer a more convenient and efficient alternative to consumers.
Furthermore, the textbook describes how Airbnb, an online marketplace for short-term rental accommodations, utilized technology to disrupt the hospitality industry. By creating a platform that allows individuals to rent out their homes or spare rooms, Airbnb was able to offer travelers affordable and unique lodging options. This innovative use of technology, combined with a focus on user experience, allowed Airbnb to quickly gain traction and become a major player in the travel industry.
These examples highlight the importance of technology in enabling emerging businesses to create new business models and disrupt established industries. By leveraging innovative technologies, companies can differentiate themselves from competitors, provide unique value propositions, and tap into previously untapped markets. In turn, this can lead to increased market share and financial success.
However, it is important to note that technology alone is not sufficient for the success of emerging businesses. The textbook also emphasizes the need for continuous innovation and adaptability. Technologies evolve rapidly, and businesses must be able to embrace and leverage new technologies to stay competitive. Companies that fail to do so may fall behind and be left vulnerable to disruption by more innovative competitors.
To navigate the complexities of managing emerging technologies, the textbook provides a framework for technology management. This framework includes steps such as defining technology strategy, assessing technology readiness, acquiring and integrating technologies, and managing risks and uncertainties associated with emerging technologies. By following this framework, businesses can effectively manage their technology investments and ensure alignment with their overall business objectives.
In conclusion, innovation and technology are integral to the success of emerging businesses. By leveraging innovative technologies, companies can disrupt traditional industries, offer unique value propositions, and gain a competitive advantage. However, technology management is a complex process that requires continuous innovation and adaptability. To succeed in the rapidly evolving business landscape, emerging businesses must embrace technology, manage risks, and leverage the framework provided by the Wharton Managing Emerging Technologies textbook.
Essay Question 2:
Outline the key challenges faced by businesses in managing emerging technologies, drawing on examples from the Wharton Managing Emerging Technologies textbook. Discuss potential strategies to overcome these challenges.
Answer:
Managing emerging technologies poses several challenges for businesses, as highlighted in the Wharton Managing Emerging Technologies textbook. These challenges arise from factors such as technological uncertainty, strategic alignment, and cultural resistance. To overcome these challenges, businesses can employ strategies such as fostering a culture of innovation, partnering with external stakeholders, and investing in technology scouting and monitoring.
One of the key challenges faced by businesses in managing emerging technologies is technological uncertainty. Emerging technologies are often characterized by high levels of uncertainty, as their performance, market demand, and potential impact are not yet fully known. This uncertainty can make it difficult for businesses to make informed decisions about technology adoption, investment, and integration. A case study discussed in the textbook is the example of Tesla, an electric vehicle manufacturer. Tesla faced significant technological uncertainty in developing its electric vehicles and building a network of charging stations. To overcome this challenge, Tesla invested in extensive research and development, testing, and iteration. This enabled the company to refine its technologies and gain a better understanding of the market dynamics.
Strategic alignment is another crucial challenge in managing emerging technologies. Businesses must ensure that their technology investments and initiatives align with their overall business strategy and objectives. Failure to achieve alignment can result in wasted resources, missed opportunities, and potential conflicts with existing business processes. The textbook provides the example of Blockbuster, a former leader in the video rental industry, which failed to align its business strategy with the emerging technology of online streaming. As a result, Blockbuster lost market share to competitors like Netflix, which successfully aligned their technology investments with changing consumer behavior. To address this challenge, businesses can employ strategies such as conducting regular technology audits, involving cross-functional teams in technology decision-making, and engaging in strategic planning exercises that consider the impact of emerging technologies.
Cultural resistance is yet another challenge faced by businesses in managing emerging technologies. The introduction of new technologies often disrupts existing processes, workflows, and power dynamics within organizations. Resistance to change can arise from employees, managers, and other stakeholders who may feel threatened by the potential changes brought about by emerging technologies. A case study discussed in the textbook is the example of Kodak, a once dominant player in the film photography industry. Kodak failed to embrace digital photography due to internal resistance, as it threatened their existing film-based business model. Subsequently, Kodak lost its market leadership and filed for bankruptcy. To overcome cultural resistance, businesses can foster a culture of innovation that encourages experimentation, learning, and risk-taking. They can also involve employees in the technology adoption process, provide training and support, and create a shared vision for the benefits of emerging technologies.
In conclusion, managing emerging technologies presents several challenges for businesses. These challenges arise from factors such as technological uncertainty, strategic alignment, and cultural resistance. To overcome these challenges, businesses can employ strategies such as fostering a culture of innovation, partnering with external stakeholders, and investing in technology scouting and monitoring. By addressing these challenges effectively, businesses can harness the transformative power of emerging technologies and gain a competitive advantage in the rapidly evolving business landscape.