Describe the advantages and disadvantages of being a first mover in a high-tech industry. What are the advantages and disadvantages of being a follower? In your opinion, which strategy is preferable, and why?
A first-mover refers to a product or service that is the first of its kind in a market. Being a first-mover offers some competitive advantages to a product or firm over its contemporaries in the field. However, it also comes with its fair share of downsides.
Answer and Explanation:
Advantages of being a first-mover
- It establishes a strong brand recognition right off the gate.
- Strong brand recognition can lead to customer...
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from Intro to Business: Help and ReviewChapter 1 / Lesson 8