What are first-mover advantages? Discuss the advantages associated with them.
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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from Intro to Business: Help and ReviewChapter 1 / Lesson 8