Question

First mover advantages refers to the benefits a firm may achieve by entering a new market or developing a new product or service prior to rival firms. an advantage of being a first mover​ is:

Answer 1

There are several first mover advantages including:

-Brand recognition: better chance of being recognized if you were the first to do something

- Economies of Scale: learn how to perfect and grown in the market before other competitors come along

-Switching costs: when customers are established with the first brand they are less likely to want to spend the money to switch to a new competitor