First mover advantage refers to the benefits a firm may achieve by entering a new market or developing a new product or service prior to rival firms.

Question

Quizplus · Accepted Answer

First mover advantage is a well-known concept in the business world, and it refers to the notion that the firm that enters a new market or develops a new product or service first may enjoy various benefits over its rivals. These benefits may include greater market share, customer loyalty, cost advantages, and others. Therefore, the statement is true.

First Mover Advantage Refers to the Benefits a Firm May