In the video game console industry,Magnitude was the first firm to introduce a console in the market.However,consumers were uncertain about the product,and its high costs discouraged consumers from purchasing it.Eventually,Magnitude withdrew the product from the market.A few years later,Mantel and Adventura came up with their respective gaming consoles and successfully established their products.Mantel and Adventura will be considered as:
A) pioneers.
B) early followers.
C) laggards.
D) late movers.

Question

Quizplus · Accepted Answer

Mantel and Adventura were early followers as they entered the market after Magnitude and learned from their mistakes. They were able to establish their products successfully, indicating that they were able to improve on what Magnitude lacked. Pioneers are the first firms to introduce a new product, while laggards are slow to adopt new technologies or products. Late movers are those who enter the market when it is already saturated or declining.

In the Video Game Console Industry,Magnitude Was the First Firm