What are first-mover advantages? Discuss the advantages associated with them.

Question:

What are first-mover advantages? Discuss the advantages associated with them.

First-Mover Advantage:

First-mover advantage refers to an advantage gained by firms or companies that introduce a product or service into the market first. First mover advantage allows a company to establish strong brand recognition and customer product loyalty before other companies enter the market.

Answer and Explanation:

Advantages of first-mover advantage:

1. First-mover companies establish their product as the official industry standard. Other companies entering...

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First-Mover: Advantages, Disadvantages & Examples

from Intro to Business: Help and Review

Chapter 1 / Lesson 8
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