wk4 DQ What are your thoughts or opinion on this question be

wk4 DQ

What are your thoughts or opinion on this question below, I need a 300 words summary with an introduction, body, conclusion and 1-2 references, thank you, please.

What are the advantages and disadvantages of being the first mover in an industry? Give some examples of first mover and late mover firms. Were they successful?

Solution

It is being stated usually in manageemnt terms First mover advantage. Meaning any firm which comes up with the unique idea first and enters in the market have a comparative advantage over others, as they are the ones who captures market shares early. Apart from this they are the trust builders for the service or product being offered to the society. It can also happen that company with its existing product enters first in a new market.

There are following advantages and disadvantages of first mover:

Advantages:

Disadvantages:

Some successful examples of First movers are Coca-Cola, Amazon, e-bay.

It is not always that First mover has the advantages, sometimes it is being found that second mover also has advantages. They are:

Some of the examples of successful second movers are; Apple, Dropbox, Air BnB