The first company to gain first-mover advantage typically benefits from higher profits and larger market share.

Question

Quizplus · Accepted Answer

This is because the first-mover is able to establish a strong brand recognition and customer loyalty before competitors enter the market, giving them a competitive edge. Additionally, they may be able to set the market price and dictate industry standards. However, first-mover advantage is not a guarantee of success and later entrants may still be able to compete and succeed through innovation or by addressing unmet needs in the market.

The First Company to Gain First-Mover Advantage Typically Benefits from Higher