분야
docx1.INTRODUCTION
2.DEFINITION OF FIRST MOVER AND FAST FOLLOWER
3.INFLUENTIAL FACTORS ON FIRST MOVER AND FAST FOLLOWER
4.COMMONALITIES BETWEEN FIRST MOVER AND FAST FOLLOWER
5.FIRST MOVERS: ADVANTAGES, DISADVANTAGES AND CONDITIONS
6.ADVANTAGES
7.DISADVANTAGES
8.CONDITIONS
9.ADVANTAGES
10.DISADVANTAGES
11.CONDITIONS
12.RECOMMENDATION
13.MINIMIZING THE LOSS
14.PICKING UP OTHERS’ IDEA
15.TECHNOLOGICAL DEVELOPMENT
16.TO HAVE THESE ADVANTAGES
17.NOTIFICATION
18.GENERAL VIEWS
19.WHY FAST FOLLOWER IS BETTER
20.PREVENT WASTEFUL USAGE OF CORPORATE EXPENDITURE
21.FIRST MOVER LOSE THE OWNERSHIP IN THE MARKET
22.FLEXIBLE REACTION TO THE ENVIRONMENT
23.CONCLUSION
Considering both sides of the blade that first movers have, it will be important for companies to contemplate about conditions that should be met to achieve a success with first mover strategy. There are two conditions. One should know what customers want. One simple way to find out is to ask, “Does this new product have market value?” The idea of the product might have a potential to bring great convenience to buyers. However, if the trend of the buyers is reflected, no matter what kind of excellent product that the companies think of, they will fail.
The other factor is the amount of capital that companies have. First movers have a high risk of being refused in the market. They bear high initial cost in doing research and making a product and if it does not work in the market, the whole cost would be on their burden. (Ettington. First-Mover Advantage, 2010) As companies carry this burden, it is important to prepare for the aftermath of a failure Not only when they fail but also, the initial cost should be considered to be financially backed up.
FAST FOLLOWER: ADVANTAGES, DISADVANTAGES AND CONDITIONS
ADVANTAGES
When starting a business, fast followers imitate the working methods of a successful precedent. This precondition guarantees the followers to grow in various ways.
Most importantly, follower companies save significant amount of initial cost. The company does not have to go through trial and error, hence reducing capital invested in expansive research and development. It does not mean, however, that follower companies are totally exempt from the burden of research and development. The focal point is that it significantly lessens the basic expenditures required to start from scratch. Because there is a model, a concept to follow suit, it alleviates the burden of expenditures. Fewer burdens on the financial matter including reduction of production cost and overall expenditure can lead to further investment of followers’ management situation. For example, followers can invest their extra money to developing other innovative strategies (Successful followers do not mindlessly copy the methods but constantly update their strategies, pursuing creative innovation). One of the best ways is to analyze the SWOT conditions of the company. SWOT is an objective measurement of the surroundings. An effective analysis of the strengths, weaknesses, opportunities, and threats provide the company with the potential to advance existing technologies and strategies.
Secondly, fast followers learn from the failures of the precedents, again saving substantial amount of money otherwise put into correcting mistakes. Here, the old saying ‘failure is but the threshold to success’ comes in handy. This hackneyed maxim usually serves to encourage those who fail continuously. However, fast followers can learn from mistakes that others have made in the past and wisely choose to avoid similar mishaps.
Last but not least, follower companies
