In a Short Essay,describe in Detail the Concept of First

question 9

Essay

In a short essay,describe in detail the concept of first mover in business strategy and relate it to being an innovative organization.Give examples of specific companies pursuing this strategy as well as advantages and disadvantages of first movers.

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Definitions:

Externalities

Unintended financial outcomes affecting individuals not directly engaged, potentially leading to good or bad impacts.

External Costs

Costs that are not borne by the producer or consumer of a good or service, but by society or the environment.

MSC (Marginal Social Cost)

The total cost to society of producing an additional unit of a good or service, including both the private costs and any external costs.

Efficient Level

Refers to the point at which a system, process, or economy operates at maximum productivity with minimal waste and expense.