(선발자)First Mover vs (추종자)Fast Follower 전략비교(영문)

(선발자)First Mover vs (추종자)Fast Follower 전략비교(영문)

(선발자)First Mover vs (추종자)Fast Follower 전략비교(영문).docx

목차 1.INTRODUCTION 2.DEFINITION OF FIRST MOVER AND FAST FOLLOWER 3.INFLUENTIAL FACTORS ON FIRST MOVER AND FAST FOLLOWER 4.COMMONALITIES BETWEEN FIRST MOVER AND FAST FOLLOWER 5.FIRST MOVERS: ADVANTAGES, DISADVANTAGES AND CONDITIONS 6.ADVANTAGES 7.DISADVANTAGES 8.CONDITIONS 9.ADVANTAGES 10.DISADVANTAGES 11.CONDITIONS 12.RECOMMENDATION 13.MINIMIZING THE LOSS 14.PICKING UP OTHERS’ IDEA 15.TECHNOLOGICAL DEVELOPMENT 16.TO HAVE THESE ADVANTAGES 17.NOTIFICATION 18.GENERAL VIEWS 19.WHY FAST FOLLOWER IS BETTER 20.PREVENT WASTEFUL USAGE OF CORPORATE EXPENDITURE 21.FIRST MOVER LOSE THE OWNERSHIP IN THE MARKET 22.FLEXIBLE REACTION TO THE ENVIRONMENT 23.CONCLUSION 본문 CONDITIONS Considering both sides of the blade that first movers have, it will be important for companies to contemplate about conditions that should be met to achieve a success with first mover strategy.There are two conditions.One should know what customers want.One simple way to find out is to ask, “Does this new product have market value?”The idea of the product might have a potential to bring great convenience to buyers.However, if the trend of the buyers is reflected, no matter what kind of excellent product that the companies think of, they will fail. The other factor is the amount of capital that companies have.First movers have a high risk of being refused in the market.They bear high initial cost in doing research and making a product and if it does not work in the market, the whole cost would be on their burden. (Ettington. First-Mover Advantage, 2010) As companies carry this burden, it is important to prepare for the aftermath of a failureNot only when they fail but also, the initial cost should be considered to be financially backed up. FAST FOLLOWER: ADVANTAGES, DISADVANTAGES AND CONDITIONS ADVANTAGES When starting a business, fast followers imitate the working methods of a successful precedent. This precondition guarantees the followers to grow in various ways. Most importantly, follower companies save significant amount of initial cost.The company does not have to go through trial and error, hence reducing capital invested in expansive research and development.It does not mean, however, that follower companies are totally exempt from the burden of research and development.The focal point is that it significantly lessens the basic expenditures required to start from scratch.Because there is a model, a concept to follow suit, it alleviates the burden of expenditures.Fewer burdens on the financial matter including reduction of production cost and overall expenditure can lead to further investment of followers’ management situation.For example, followers can invest their extra money to developing other innovative strategies (Successful followers do not mindlessly copy the methods but constantly update their strategies, pursuing creative innovation).One of the best ways is to analyze the SWOT conditions of the company.SWOT is an objective measurement of the surroundings.An effective analysis of the strengths, weaknesses, opportunities, and threats provide the company with the potential to advance existing technologies and strategies. Secondly, fast followers learn from the failures of the precedents, again saving substantial amount of money otherwise put into correcting mistakes.Here, the old saying ‘failure is but the threshold to success’ comes in handy.This hackneyed maxim usually serves to encourage those who fail continuously.However, fast followers can learn from mistakes that others have made in the past and wisely choose to avoid similar mishaps. Last but not least, follower companies 본문내용 ation regarding economy and proper management skills have become very critical. In a global market, we are all exposed to influx of variables from changes in demands and supplies, imports and exports to Goldman Sachs’ expectations and future goals. It is somewhat a burden to major corporations, as well as to entrepreneurs, investors and companies to accurately respond to the changes correspondingl