13. discuss how business ecosystems can extend a company's products and services and increase its competitive advantage. Give an example of a business ecosystem for a product or service that you are using.
Answers
What happens is that a good business ecosystem normally gives a business an opportunity to be geared towards its strengths.
This the business can achieve by working together with other businesses which are in the same line.
The business will as well be able to adopt good practices of the other business and then integrate them to be its own.
Business ecosystem will allow the firms to focus on their core competencies while partnering with other similar business to improve their products and services which is otherwise impossible for them to do alone.
By doing business with other company, they can emerge as a powerhouse in the market.
The business will use the positive points of other firms to boost their competitive edge.
The best example of a business ecosystem for a product or service includes Smartphone manufacturer and cellular services.