What is the term for a company that gains competitive advantage by being the first to offer a new product or service?

The term that describes a company gaining competitive advantage by being the first to offer a new product or service is known as a first mover. A first mover is typically able to establish strong brand recognition, build customer loyalty, and create barriers for competitors who enter the market later. This early entry can often lead to a significant market share and the ability to set industry standards.

First movers can benefit from being able to secure valuable resources, such as locations or patents, and can often shape the way an industry develops. However, being a first mover can also come with risks, such as potential high costs associated with research and development, market uncertainty, and the possibility of competitors rapidly following with improved offerings.

The other options represent different concepts in business strategy. For instance, a prospector refers to a type of company that seeks out new opportunities and is often innovative but does not necessarily imply being the first in the market. Market position refers to the relative position of a company in the market compared to its competitors, which does not specifically indicate the timing of product introduction. A cash cow is a mature product or business unit that generates a stable income but is not about being a first mover either.