Question

Sony was a pioneer in the portable music market segment. The Sony Walkman was an innovative product that created a new category altogether and made Sony a technological leader. This gave the company an edge over other consumer electronics brands that introduced portable music players for a very long time. In this example, Sony had the ________.

Answer 1

Answer:

First mover advantage

Explanation:

First mover advantage refers to the advantage gained by an organization by simply being the first initial significant occupant of the market segment. By being the first to enter that particular market, the organization gains insurmountable market position. In some cases, the product of the first mover becomes the standard for both competitors and consumers. In this case, Sony has first mover advantage hence the edge they have over other companies seeing they were the pioneers.