Market Follower Strategy

Definition: a Market Follower Strategy is a form of strategic planning based on product imitation. After an innovator bore the expense of developing a new product, bringing in the technology, breaking entry barriers and educating the market, the firm using this form of strategy comes along, copying and/or improving the product of its competitor.
4 subtypes are:
1. COUNTERFEITER: Copies the product and packaging and sells it on the black market.
2. CLONER: Copies the product, its name, packaging with slight variations.
3. IMITATOR: Copies aspects of the product but maintains difference in packaging and other factors.
4. ADAPTOR: Improves product.

More on market follower strategies. More on business strategy: 3C's Model of Ohmae, Ansoff Matrix, Business Continuity Planning, Business Model, Business Objective, more...