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Fed EX

             The new economy requires innovation to gaining competitive advantage.
             When we talk about the new economy, we're talking about a world in which people work with their brains instead of their hands; a world in which communications technology creates global competition - not just for running shoes and laptop computers, but also for bank loans and other services that can't be packed into a crate and shipped; a world in which innovation is more important than mass production; a world in which investment buys new concepts or the means to create them, rather than new machines; a world in which rapid change is a constant; a world at least as different from what came before it as the industrial age was from its agricultural predecessor; a world so different its emergence can only be described as a revolution. The Characteristics of the new economy include: .
             Significant levels of technological innovation, investing in innovative activities with new product/services or developments in existing product/services continually coming on stream;.
             Schumpeterian competition.
             High fixed costs in relation to variable costs.
             Fixed costs often sunk costs.
             Potentially long lived assets.
             High levels of uncertainty over the size and longevity of the market for any given product or service.
             Multiple products/services manifesting economies of scope as well as economies of scale.
             Some degree of vertical integration for at least some firms in the industry.
             Investment in innovative products, and.
             Subsequent pricing strategy (product life cycle pricing).
             The primary challenges are:.
             Accelerating rates of change.
             Increasing levels of competition.
             The globalization of business competition.
             Rapid technological change.
             Amore diverse work force.
             Resource shortage.
             The transition from an industry to a knowledge-based society.
             Unstable market and economic condition.
             Increasing demands of constituents.
             Increasing complexity of the environment.

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