First mover advantages and disadvantages
advantage 2
Build a firm's reputation as a market leader
disadvantage 3
Early sales growth may not be as high as the company predicted if it makes mistakes with regard to the product or its marketing
advantage 4
Establish brand loyalty for the firm due to its customer's costs to switch later on
advantage 5
Firm can protect its trade secrets or technology through patents
disadvantage 1
High cost associated with creating a new product from scratch
advantage 3
Market is free of competition
disadvantage 2
Market research, product development, production, and marketing or buyer education costs
disadvantage 4
Risk that the product will fail due to market uncertainty, or that the product might not meet consumers' expectations or needs
advantage 1
the ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace