First movers are often critical to firm success in industries experiencing:
A)changing consumer trends and rapid technological developments
B)rapid technological developments and relatively short product life cycles
C)globalisation and changing demographic trends
D)globalisation and increasing technological sophistication

Question

Quizplus · Accepted Answer

First movers refer to companies that are the first to enter a new market or introduce a new product or service. In industries with rapid technological developments and short product life cycles, being a first mover can be critical to firm success as it allows the company to establish brand recognition and customer loyalty before competitors enter the market. Additionally, the first mover may be able to set industry standards and influence the direction of future technological developments, giving them a competitive advantage.

First Movers Are Often Critical to Firm Success in Industries