MID-2 Assignment MGT 212, Sec: 24 Total Points: 30 Name: XXXXXXXXXXID: Q1. “The cost of being late in the market exceeds the cost of being wrong” Explain in your own words with a real-life example. 10...

1.)
The cost of being late is always greater than cost of being wrong in the market. This comes by understanding that market is always open to opportunities and products are continuously evolving with every passing moment (Hendricks, 1997). To capture the market it is very much necessary for a company to position its products in the market as soon as they have designed it, especially this goes without saying in the technological industry. In the technological era the products are developing at an exponential rate. With each passing day almost every six months new hardware or software products are coming on in the market.
Take for example the idea of mobile phone. In the last 2 decades mobile phones have reached every household unit in almost all the parts of the world. Every six months or even less we seen an upgrade to a mobile phone. Within the last decade itself we can revolutionary change in the way we use these phones. From keypad phone to touch screen phones now. In the coming future it is very much plausible that we will use phone that will have weight less than a gram and will be completely based on grapheme. AI has taken over at an exponential rate in almost all aspects of our life.
Nokia, for example, made its entry to the market with touch screen phone at a very later stage when almost all of its competitors in the market has captured the market through their latest innovations. Due to this Nokia faced a major challenge in keeping up with the pace of technology and had to retract selling of phone. After a long time when it started to rise again they had to come up with better plans of marketing to grab the attention of the consumers. Its better to be wrong than be late because if you are even wrong, there are different types of consumers and every new thing whether correct or not takes on to the market and becomes a trend. Nokia could have upgraded their product, had they been early into the market. It might be that they would have sold a lot, but due to its brand name they would have attention of the customers and in the meanwhile they could have made something out of it.
2.a)
Zara is introducing new designs every day to make...