First-mover advantage occurs when a firm is first to offer desirable products or services that secure customer loyalty.

Question

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First-mover advantage refers to the competitive advantage a company earns by being the first to enter a specific market or offer a particular product or service, giving it a significant advantage over later entrants. This advantage can result in customer loyalty and brand recognition, which can be difficult for competitors to overcome.

First-Mover Advantage Occurs When a Firm Is First to Offer