Explain the Term "First Mover" and Then List Some of the Advantages

question 5

Essay

Explain the term "first mover" and then list some of the advantages and disadvantages of being a first mover in the market.

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Definitions:

Physical Flow

The movement and tracking of physical goods and materials through the production process or supply chain.

Inventory Costing Method

An approach used to value inventory and determine the cost of goods sold, including methods like FIFO, LIFO, and weighted average.

Cost Flow Assumption

A method used in accounting to determine the value of inventory sold and remaining in stock, common methods include FIFO, LIFO, and weighted average.

Physical Movement

The actual movement or transportation of goods in a supply chain.