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Advantages of being first to market may include:
* Charging a price premium until competitors enter the market. * Establishing your product as the brand leader in customers' minds. * Learning before competitors how to reduce manufacturing costs (learning curve).
* Creating exclusive relationships with suppliers and distributors. * Improving the product ahead of competitors due to customer feedback. (Getting your Mark II product ready while competitors are still working on their Mark I.)
Disadvantages of being first to market may include:
* The cost of developing the market for the new product. * The cost of getting regulatory approval for a totally new type of product. (Competitors may have lower regulatory costs as their product is a "me-too".)
* The cost of testing the various market segments, not all of which may succeed.
* Enabling competitors to learn from your mistakes.
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