Building a recognizable brand, gaining customer loyalty, and setting the standards for the industry are all potential benefits of being
A) the first mover in the market.
B) a follower in the market.
C) a late mover able to overcome barriers to entry.
D) a late mover in a market.

Question

Quizplus · Accepted Answer

Being the first mover in the market often allows a company to establish a strong brand recognition, gain customer loyalty, and set industry standards due to the initial lack of competition and the opportunity to shape consumer perceptions and preferences.

Building a Recognizable Brand, Gaining Customer Loyalty, and Setting the Standards