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:

Ethical Reasoning

The process of evaluating what is right or wrong in a moral sense and making decisions based on ethical principles.

Relevant Stakeholders

Individuals or groups who may be affected by or have an interest in a particular decision or action within a business or project.

Legal

Legal pertains to matters related to laws, the system of rules that are created and enforced through social or governmental institutions to regulate behavior.

Unethical

Behaviors or actions that are morally wrong, not conforming to accepted standards of conduct.