First mover benefits and drawbacks

Question

What are the first mover benefits and drawbacks?

Answer 1

First-Mover benefits and drawbacks are as follows:

1. When to build a strategic move is often as critical as what move to build. Timing is especially valuable when first-mover benefits or drawbacks exist.
2. Being a fast-follower or even a wait and see late-mover does not forever take an important or lasting competitive punishment.
3. In weighing the cons and pros of being first-mover verses a quick-follower, it is valuable to discern while the contest to market leadership in an exacting industry is a marathon rather than a sprint.
4. While being a skillful fast-follower has the benefits of being fewer risky and skirting the costs of pioneering, rarely does organization have much to gain from being a slow-follower and focused on avoiding the errors of first-movers.