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The market of business has certain standard rules one of which is that when there are leaders in the market, there are bound to be followers as well. These companies come out with strategies that help them to sustain themselves in the market. These strategies are the market-follower strategies.
What is market-follower strategy?
In a concentrated market, there are leaders as well as followers and they have to co-exist. Followers thus are often found imitating the products of the leaders in the market. The leading company generally makes a lot of effort to come out with new products using their resources and the followers often copy these products and bring in similar products in the market with certain improved aspects. This is the market-follower strategy and more knowledge on the topic can be gained from market-follower strategies homework help.
The different forms of market-follower strategies
- The adaptation strategy
This strategy uses an adapted form of the market-follower strategy. The process involves making similar products by using the best aspects of one another with little deviation in designs. Firms acting as adapters can obtain the leading position also because they try to utilize the best aspects of their competitive products and thus come up with a better product.
- The cloning strategy
In this strategy, followers make exactly same products as their competitors with the slightest difference that might not be accountable at all. The products obtained under such strategies are replicas of the products from the leading brand, often differentiating among the products might be difficult,
- The imitation strategy
This strategy uses the aspect of copying the products of leading brands with cheaper materials, thus being able to provide the product to the consumers at lower prices.
- The counterfeiting strategy
This strategy involves selling original products of the leading company at lower prices by obtaining the articles by theft or piracy. More information on these strategies can be obtained by visiting market-follower strategies assignment help.
Benefits of the market-follower strategy
- The profit achieved can be more because the cost of research and development does not exist as the product made is generally a variation of the already existing product.
- Since the cost of production is less, the product can be made available to consumers at lower rates.
- The product has already been introduced in the market by the leading brand, thus the followers do not have to educate the consumers about the product.
- There is already a customer base for the product hence the followers are aware of their target audience. More on such advantages of the strategy can be derived by visiting market-follower strategies assignment help.
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