Final answer:
"Build a better mousetrap" refers to the challenge of improving product design to gain a competitive advantage in the market. Strategies include innovating unique features, market research, and utilizing barriers such as patents or brand reputation. The correct answer is option A.
Step-by-step explanation:
The phrase "build a better mousetrap" refers to product design challenges, specifically the continuous effort to innovate and improve products to attract more customers or meet their needs more effectively. When considering the development of a product like a web browser in a market with high barriers to entry, several strategies could be employed. Firstly, focusing on unique features or superior performance that differentiates the product from existing offerings can make the product more appealing. Secondly, forming partnerships or alliances can provide the necessary support and resources to overcome the market's barriers. Lastly, understanding customer needs and preferences through market research can guide design decisions and help avoid poor design choices that rule out successful adoption by the target market.
To apply this in a competitive market, consider how Firm A might move next to Firm B to become an intervening opportunity, attracting customers from the competition. However, firms often need more than just a strategic location. They might rely on a patented invention, a well-established brand name, or a reputation for price leadership to ward off new competition and maintain market share.