Will and Vision: How Latecomers Grow to Dominate Markets

A major goal of managers is to build strong brands that endure in competitive markets. Many managers assume that a primary determinant of long-term success is being a pioneer, or the first to enter a new market. It is based on the belief that market pioneers have the best name recognition, the highest market share and enduring marketing leadership. Firms are in a constant rush to be first to market. The scramble to set up websites and buy out Internet domain names are just examples. It can lead to the self-defeating strategy of rushing to market with incomplete, inferior, or flawed products.