Pioneers profit from being early adopters because they create a new market or product category and secure a sizable initial market share advantage.
When a company enters a market first, it typically has the advantage of developing strong brand recognition and consumer loyalty before competitors do so. The chance to evaluate the new item's market price as well as additional time to refine its good or service are two additional advantages.
Typically, market dominance and increasing early sales of the products or services result in the largest first-mover benefit. Due of the first temporary exclusivity that innovation offers, innovators are able to raise the price of their products and so boost profits.
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