I need a feedback short paragraph for this comment:
1. The first advantage to entering a market early would be to show off to everybody a new product or service. You would be able to introduce the concept to everybody and see their reaction to it, and hopefully see them go wild. Another advantage would be brand loyalty, meaning customers would be loyal to using your company or service because you were the first one they tried or used. A disadvantage to entering a market late would be saving cost. Meaning the other companies have had to spend more with trial and error, but entering late you know where to cut corners or save money because they do not have to do as much research. Another advantage of entering late would be having the opportunity to make the product or service even better. When entering late, you are able to learn from the previous mistakes and better develop the product.
3. The factors that make some industries harder to pioneer more than others would be cost, understanding the technology, customer uncertainty, lack of labor. It is hard for a company to pioneer its way if the cost is high and there is a lack of funding available. Also, when new technologies are first developed, the customers might have a hard time understanding the process and concept. Companies might also face customer uncertainty because they are unsure what their customers expect or how they will react. There are no industries in which there a no penalties for late entry. The penalty might not be a fine, but they will either have more costs, less available employees, not enough interest, too much competition, and more. )
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