Posted on by Judy

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?

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:
Control over resources
Monopoly status
High profit margins
Makes the brand loyal
Exclusive contracts with supplier(s)
Disadvantages:
Bears economic burden
Learn from the mistakes and avoid costly mistakes
Needs time to educate clients (customers)
more investments in technology
More investments in making distribution channel
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:
Customer development, because most of their customers are already developed and educated, the company needs to update about themselves in the market
They can develop products with better offerings in lesser price sometimes to gain the market share and can reduce the market share of first movers. This also increases customer acquisitions
Procurement is easy comparatively as distributors are already present in the market and they are even well aware of the product/service. This reduces the cost of second movers
Some of the examples of successful second movers are; Apple, Dropbox, Air BnB
 
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