... set of investments in manufacturing, marketing and management". According to chandler by making investments in these three areas it allows a company to exploit the economies of scale and scope to the highest degree, therefore benefiting from cost advantages. Investments in marketing, management and manufacturing helped create the managerial enterprise along side with a hierarchical structure. As by investing in manufacturing and technology an industry can exploit its economies of scale and scope, investment in marketing and distribution networks aims to increase the volume of sales and keep the volume of sales in line with the new volumes of production and for an industry to take advantage of these benefits owners have to invest in management to coordinate and control the manufacturing and marketing aspects. (L. Hannah 1991) By investing in these areas it can provide industries with first mover advantages. By first mover advantages chandler means the industries, which ...

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