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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. |
More on business strategy: 3C's Model of Ohmae, Ansoff Matrix, Business Continuity Planning, Business Model, Business Model Canvas, more on business strategy... MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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