Late Movers Are Those Firms That

Late movers are those firms that:

A) Respond to a competitive action a significant amount of time after the first mover's action and the second mover's response
B) Respond to a first mover's competitive action often through imitation or a move designed to counter the effects of the action
C) Take an initial competitive action (either strategic or tactical)
D) Typically achieve higher-than-average returns because they can imitate the most efficient actor