‘Establishment and growth of IT industries have some unique prerequisites’- Highlight these conditions.
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Answer: The U.S. leads the global landscape in technology innovation. The country’s competitive edge, according to the World Economic Forum’s 2018 Global Competitive Index, is due to its business dynamism, strong institutional pillars, financing mechanisms, and vibrant innovation ecosystem.[1] Innovation is a trademark feature of American competitiveness and has powered its global dominance since the post-World-War industrial revolution. Countries that lead the world in generating advanced technologies and leveraging the full productive capacity of their digital economies can gain a strategic competitive advantage.
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Industry analysis is a tool that facilitates a company's understanding of its position relative to other companies that produce similar products or services. Understanding the forces at work in the overall industry is an important component of effective strategic planning. Industry analysis enables small business owners to identify the threats and opportunities facing their businesses, and to focus their resources on developing unique capabilities that could lead to a competitive advantage.
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