What is a Market Follower Strategy? Definition and meaning

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.

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