Describe standardization, format wars, and how standardization can lead to a format war. Who can benefit from a format war and why? 

1. Describe standardization, format wars, and how standardization can lead to a format war. Who can benefit from a format war and why?
2. Once standardization occurs, how does an industry benefit?
3. During a format war, describe how competition occurs and how a price war can take shape.
4. Define first and second movers. what are the advantages of being the first mover? What are the advantages of being the second mover