Question

Describe the relationship between two manufacturers in a business ecosystem that are working together to develop a new product for consumers.

Answer 1

There must be a cordial relationship and trust between two manufacturers in a business ecosystem working towards developing a new product for consumers.

What is a Business Ecosystem?

A business ecosystem is a deliberate commercial arrangement involving two or more organizations to develop and share a common value for consumers.

Every business ecosystem contains participants, and at least one of them serves as the controller. There must be a cordial relationship and trust between two manufacturers in a business ecosystem working towards developing a new product for consumers.

The primary advantage of adopting business ecosystems is to be better positioned, promote innovation, and maximize capital efficiency in order to produce customer value.

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