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Introduction The idea of the first mover advantage is a simple one: "The first firm to market with a product will not only have the market to itself, but will be able to fend off all latecomers and dominate the market for some time to come"(McKenzie, Richard B.). In this paper we will show how this concept works in practice and what the specific advantages of first movers are. In order to do so, we will present several examples and a case study, which will show how the first mover advantages work in practice. Another important fact which has to be considered is that the term first mover can be used in two ways: a first mover in a certain industry, which means it is the first firm to invent some new technology or develop a new product. A first mover in the market, on the...

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