first-mover-advantage

Vocabulary Word

Definition

In business terms, 'first-mover-advantage' refers to the competitive edge a company gains by being the first to enter a new market or introduce a new product. It means you set the rules and everyone follows.

Examples in Different Contexts

In retail, 'first-mover advantage' is vital for market leadership. A retail executive might say, 'Our early investment in online sales gave us a significant first-mover advantage over competitors.'

Practice Scenarios

Business

Scenario:

In this saturated market, how can we distinguish ourselves? What if we took a unique approach to sustainability in our industry?

Response:

We should pioneer environmentally-friendly packaging in our sector. This could give us a first-mover-advantage and appeal to more customers.

Start-up

Scenario:

There's a gap in the online education industry for a personalized learning experience. We can innovate and fill this void, don't you think?

Response:

True, developing a unique, personalized learning platform can give us a first-mover-advantage in the ed-tech sector.