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First Mover - Fast Follower - Late mover strategies

first mover

A first mover is a service or product that gains a competitive advantage by being the first to market with a product or service. Being first typically enables a company to establish strong brand recognition and customer loyalty before competitors enter the arena.

first mover advantages

&

Disadvantages

First mover advantages & Disadvantages

Advantages of First Movers

  • Brand name recognition

  • Switching costs let a first-mover build a strong business foundation.

Disadvantages of first movers

  • include the risk of products being copied or improved upon by the competition.

fast follower

A Fast Follower is an idea that a company should watch the market unfold before innovating. And that, by waiting for the market to “settle out,” the fast follower can, well, follow the leader.

fast follower advantages

&

disadvantages

fast follower advantages & disadvantages

Advantages of fast followers

  • allows organisations to avoid the mistakes of others before them

  • build what customers are already adopting.

  • They closely monitor emerging user trends

  • everage their customer ecosystem

Disadvantages of fast follower

  • increasingly those sectors not directly impacted by the growth of eCommerce are being challenged by the expectations of their customers and the rise of the disruptors as they seek to satisfy the customer and take market share

late mover

A late mover is a firm that enters a market sometime after both the market pioneer(s) and after early follower firms.

late mover advantages

&

disadvantages

late mover advantages & disadvantages

Advantages of late mover

  • followers can learn from pioneers' mistakes,

  • there is a market worth entering and judging consumers' tastes.

  • introduce a new product, service, or technology.

Disadvantages of late mover

  • Pioneering leadership is more costly than imitation.

  • Innovators’ products are primitive and do not live up to buyer expectations.

  • Potential buyers are skeptical about the benefits of a first-mover’s new technology/product.

  • Rapid market and technology changes allow fast followers and late movers to leapfrog pioneers

First mover example

example of first-mover

Amazon

fast follower example

example of fast follower

  • facebook
  • google
  • yahoo
  • apple

late mover example

example of late mover

  • Carling will launch its british cider, kodak
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