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 Model Canvas, more...

MBA Brief offers brief, yet very accurate definitions of MBA concepts, frameworks, methods and models. We keep it short and provide some links in case you'd like to learn more around a subject.