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Inferiority Of Competing Products

Consider this situation: Joseph had an idea that he could speed up a floor buffing machine by putting a different motor on it. After about 25 tries he was able to make a buffer run much faster with a new motor and started his own company. Other companies began making competing products. Why have competitors not been able to catch up with him?

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Step 1
Other companies have copied the product of Joseph but have not been able to make their buffing machines as fast as that of Joseph. Joseph has obtained technological leadership because of direct breakthrough in technology. Further, even though his product can be obtained by his competitors they do ...

Solution Summary

This posting gives you a step-by-step explanation of first mover advantage. The response also contains the sources used.