In this era of science and its widely accepted and acknowledged technology along with its inventions, large scale modified industries has begun to create strategies that involve the use the scientific information and knowledge to make its underlying procedures of production or manufacturing more and more advance rapidly. The lessons full of scientific knowledge are used in the making of desired goods. The technology and its implication has evolved different criteria’s for accountability of the very big share of monetary activities and along with this benefit technology is also the way to invigorate and strengthen the aspect of production processes in the industry. Three questions must arise in the producer’s mind of high-tech industries that to which extent the opponents are capable of imitating the innovation of his industry, second is that are there any competitors there in the market who could imitate the innovation rapidly, and does his own company or industry has complementary tools and assets to exploit the ways of his opponents to imitation. These are the key questions that will help high tech industry in choosing its strategy. Successful strategies are helpful in finding different ways that would work network effects in their privilege and at the same timework against their opponents. That involve keeping the prices of the product in the market low to penetrate in the market and then make them high to make profit and next cooperating with the competitors in order to speed up the adoption of technology and finally introducing such new products in the markets that are compelling and create greater demands in the market would eventually kill the demand of competitor’s product. (McGrath, Pg 378, 2001)

To achieve the purpose of implication of technical tools in the industry to bring about the rapid advancing outcomes, an industry is in a need of setting some technical standards that the industry will adhere to when producing any product or its components. Technical standards are the set of some product specifications or its desired attributes that the producers keep in their mind while production. Producers can only differentiate their product and get competitive edge by taking technical standards into considerations. On the next these standards are eventually associated with the monetary benefits as the technical standards when emerged, they completely help reduce the production costs through the mass production activity and reduces the confusion in the mind of customers and also reduces the chances of non compatibility between the products and its assured attributes and compliments so that the product perceived performance will not fall short of expectations that were associated with that product. (McGrath, Pg 378, 2001)

REFERENCES

Michael E. McGrath, (2001), Product strategy for high technology companies: accelerating your business to web speed, McGraw-Hill Professional, Page 378 

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