First mover strategy involves getting to the market before anyone else does. Many people consider this to be a coveted strategy, but it often has its own dangers. Learn about first mover strategy and its benefits and downsides in the quick bites poster.
How to Use Quick Bite Posters?
Each quick bite poster gives you access to a concept in business so that you can learn or refresh it within 15 seconds. If you are a business pro, use the quick bite as a prompt for your current problems. That may be an excellent way to use the concept that you already know.
Prompts for First Mover Strategy
For example, if you see this poster today and it shows you first mover strategy. If you already know this concept, use it to think about your current situation. If you are launching a product are you using first mover strategy? Have you considered its limitations? Do you know if the context of your business really helps early movers?
Or you may be far behind your competitor and worried. Then you can think if the competitor benefits from being first. Can you learn something from that competitor and avoid making a costly mistake?
Perhaps you are neither at a launch situation nor facing a competition moving first. In that case, think about your industry and whether it rewards first movers in a big way. If it does, why does that happens? And if it does not reward then why? This thinking process is how you will build more in-depth industry knowledge and powerful mental models.