Question

The so-called "first-mover advantage" a) has enabled almost all first entrants into a market to dominate their markets for a long time. b) has not been much of an advantage in most industries over time. c) has been proven empirically over a range of industries. d) has meant that second movers have settled for niche markets.

Answer 1

b) has not been much of an advantage in most industries over time.

The first-mover advantage suggests that the first entrants into a market gain a competitive edge, but over time, it has been observed that this advantage is not universally sustained across all industries. In many cases, subsequent entrants or "fast followers" have been able to learn from the experiences of the first movers, adapt their strategies, and sometimes surpass the initial market leaders. Therefore, the first-mover advantage is not a guaranteed long-term dominance in most industries.