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What are the most famous companies/products that came last on a saturated market and achieved to build a monopoly? What did they have in common?
What are the most famous companies/products that came last on a saturated market and achieved to build a monopoly? What did they have in common?
Expert Solution
Today's market is dynamic, and many people have enough capital so people can start a business in an already saturated market. However, some companies still enjoy a monopolistic market by dominating the market.
The most famous companies that one can mention are technology companies like Facebook, Amazon, and Whatsaap.
These companies didn't come up with their ideas from scratch. They build them from ideas and companies that were already n existence.Networks have been the main driving force behind the success of these companies.
These companies drew large masses when they came into existence. They have a large number of users until someone seems to be missing out by merely lacking in such platforms. The large customer base makes people choose to use them instead of using other platforms that have a few people.
For instance, there are many instant messaging apps. However, when one looks at the numbers of their friends and family that are using WhatsApp, they have no option but also to join WhatsApp to be connected. Missing in Facebook can make you miss on many updates and everyone seems to "google".
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