wk4 I need help with this question below with 300 words summ

wk4

I need help with this question below with 300 words summary, including a introduction, body, sub-title, conclusion and 2-3 references in APA style format? please

Topic 1: 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

Advantages & Disadvantages of being the First Mover in an Industry

Introduction

There is an old saying that “ the crying baby gets the milk” is saying is very would similar with our business ecosystem i.e. being the first one to shell out the product in the market is the one who has the competitive edge over the other. These so called “Business Pioneer” are the ones who have the market dominance higher than average profitability over time. In this report we would be highlighting the advantages and the disadvantages of the first mover in an industry.

Advantages:

Disadvantages:

Real World Examples:

The Prime example for successful first mover is Coca-Cola which was invented in 1896 by John S. Pemberton. On the other hand, when Caleb Bradham invented Pepsi thirteen years later, the latter was already selling millions of gallon per year. This in turn states that the end consumer is emotionally connected the brand which was first launched in the market because of its ability to create a new product to the public at large, as well as the taste which gets developed by the consumer for the first time, makes them more tempting to buy more.

References:

Barney, Jay B., and Asli M. Arikan. (2001). \"The resource-based view: Origins and implications.\" Handbook of strategic management, pp.124-188

Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), pp.99-120.

Borden, N. (1964). The concept of the marketing mix. Journal of advertising research, 4(2), pp.2-7.