Market Dynamics and Technical Change
First mover advantage refers to the competitive edge gained by the initial significant occupant of a market segment, allowing that entity to establish strong brand recognition, customer loyalty, and control over resources. This advantage can lead to technology lock-in, where users become dependent on the first mover's product or service, thus reinforcing their market position against later entrants. The concept also encompasses strategic considerations that can dictate how firms navigate competition and market dynamics.
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