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First to Market Organisations Market Share Fluctuations Despite Initial Market Gains

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This essay stresses that today’s consumers can often be characterised as idiosyncratic and particular when making decisions about which marketed products are substantially beneficial to their individual preferences. Generally, when comparing the consumer decision-making process in regards to both products and services, several factors must be considered by emerging industries to guarantee profitability as an early market innovator or whether to take a proverbial "back seat" as a follower in the same market. Consumer decision-making has long been studied by researchers who recognise psychological influences and sociocultural persuasion as drivers that steer product purchasing decisions.
This report makes a conclusion that the process of capturing a consumer audience is an ongoing process that extends beyond being the first to market, but involves intensive research and willingness for a company to invest time in scanning the market environment for any trends in consumer behaviours. As has been illustrated, being the first to launch a product does not, in any significant fashion, indicate a long-term profit margin and increased market share. Most of the contributing factors to retaining those advantages lies in an industry’s ability to adapt and in its preparedness levels for further product enhancements. Whatever the strategic goals of the industry considering launch of a new product, success of order of entry into the market is most largely determined by the organisation itself and the needs of the consumer at the time of the product’s launch.