Describe Three First Mover Advantages

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The Answer is First, industry pioneers, especially in new industries, often capture unusually high profits because there are no competitors to drive prices down. Second, first movers that establish brand recognition are usually able to retain their image and hold on to the market share gains they earned by being first. Sometimes, these benefits also accrue to other early movers in an industry, however, first movers have an advantage that can be sustained until firms enter the maturity phase of an industry's life cycle

Describe Three First Mover Advantages

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