LCBM7024 Assessment 1 Advantage of Pioneers and Followers Example

Published: 29 Jan, 2025
Category Assignment Subject Management
University University of Wales Module Title LCBM7024 Marketing Management

Introduction

In emerging sectors, market share is often not significantly connected with other critical performance metrics (profitability, survival, or sales growth), which has caused corporate strategy to shift. In the past, the benefits of being a trailblazer have been emphasized far more than the drawbacks. The final result is contingent upon the pioneer's initial resources as well as the resources and capabilities that follow in response to those of the followers.  The acceptability of a product, its market penetration, and its normal fulfillment or failure inside the marketplace might also all be strongly impacted by the time of its debut. The reason of this essay is to analyze the strategic ramifications of entering a marketplace as a pioneer vs a follower, looking at the benefits and downsides of each strategy. It is a well-known fact that the early movers in a market are rewarded, with the biggest market share acting as the main motivator. This motivation eventually decreases when new companies enter the market, forcing industry leaders to take action to increase and/or safeguard their market share. We Discuss Many things in this Assignment like the Literature Review, the Advantages of Being a Pioneer, the Advantages of Being a Follower, Product Life Cycle Strategies, and many More. 

 

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