Question

The _____ problem exists when rivals watch a pioneer's efforts, learn from their successes and missteps, and then enter the market quickly with a comparable or superior product at a lower cost. late entrant early starter first mover intellectual property fast follower

Answer 1

Answer:

Fast follower.

Explanation:

In business and organization studies, a fast follower refers to someone who can quickly watch others' efforts, learn from their successes and missteps, and enter the market with a similar or superior product.

The fast follower can be a problem for a pioneer (the one who first entered or created a market), because the fast follower builds upon the knowledge and experience first gained by the pioneer, which means the costs of acquiring that information and the production process will be substantially lower. This means that the pioneer, while it had the advantage of being the early starter, will face competition from a superior product with lower costs, which could potentially erase the chronological advantage and drive it off the market.