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.

💡

Learn more about Market Follower Strategies.

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

You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA.

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.

Add MBA Brief to your desktop / iPad