The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in the marketplace is called

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18-07-2022
Business

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The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in the marketplace is called

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Tutorconsortium338 Tutorconsortium338 · Answer 1 · 2022-07-25T14:50:26+02:00

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace is called late-mover advantage.

Who is a late mover and its advantages?

Many marketers believe one of the worst competitive positions to be in is being a late entry with a new product or service. That is, competitors have gotten a head start entering a market giving these early entrants what some competitors think is an insurmountable competitive advantage.

Late Mover Also called a late follower or a later market entrant, a late mover is a firm that enters a market some time after both the market pioneer(s) and after early follower firms.

A late entrant is able to avoid the obvious mistakes of not understanding customer perception by reading well into the growth phase of its competition. They can position themselves correctly and channel investment to create and deliver a better "perceived" product.

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