Author Question: Explain the term first mover and then list some of the advantages and disadvantages of being a first ... (Read 48 times)

rosent76 · **on:** Jul 6, 2018

Explain the term first mover and then list some of the advantages and disadvantages of being a first mover in the market.

What will be an ideal response?

Question 2

________ is the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.

A) Strategic leadership
B) Strategic management
C) Strategic competence
D) Strategic flexibility

jharrington11 · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

Answer: An organization that is first to bring a product innovation to the market or to use a new process innovation is called a first mover.
Some of the advantages of being a first mover are:
a. Reputation for being innovative and industry leader
b. Cost and learning benefits
c. Control over scarce resources and keeping competitors from having access to them
d. Opportunity to begin building customer relationships and customer loyalty
Some of the disadvantages of being a first mover are:
a. Uncertainty over exact direction technology and market will go
b. Risk of competitors imitating innovations
c. Financial and strategic risks
d. High development costs

Answer to Question 2

Answer: A