Market Followers Strategy - All Strategies of Market Followers and Niche Marketers (Mktg 43)

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Competitive Strategies for Market Followers refer to the approach of imitation and plagiarism taken by organizations who are followers and not leaders in a market.  The market followers improve or copy an existing product and achieve good profits without undergoing the hassle of innovation, entry barriers, etc.

Competitive Strategies for Nichers refer to the approach of companies who make customized products for a specific and narrow market range. The volume remains less but the profit margin soars high.

Market Followers

- Counterfeiter

The Counterfeiter strategy refers to copying the product and packages of the market leader and selling it on the black market.

Example – Automobile parts, fake currency, fake art

- Cloner

The Cloner Strategy refers to copying the product, name and packaging of the market leader with slight variations.

Example – Rado is spelt as Rada

- Adaptor

The Adaptor strategy is a white-collar approach that refers to launching new, upgraded and improved versions of the products of an innovator or market leader

Example – Automobile companies

- Imitator

The Imitator strategy refers to copying few things of products made by the market leader but maintaining a slight difference in other factors for instance packaging

Example – Instagram Stories and Snapchat, Apple vs Xiaomi, Amazon Echo and Google

Market Nicher – Strategies

- End-user Specialists

The brand serves a specific end-user customer like Johnson & Johnson with baby care products

- Specific-customer Specialists

The firm sells to few specific customers like Friends, an adult diaper brand

- Geographic Specialist

The firm sells its products in a specific area like Cuba is popular for Cuban Cigars

- Product-line Specialists

When a firm is focused on a single product line or product like Ray-Ban on sunglasses

- Job-shop Specialists

When a firm’s manufacturing is based on the customer’s orders like Customized PC Solution by Dell

- Quality-Price Specialists

When the firm tries to meet low price ends and high quality of the market like Future Group’s Foodhall

- Service Specialists

When the firm provides rare services to the customers like Airbnb

- Product Feature Specialists

When the firm specializes in a specific product or a product feature like GoPro which manufactures action cameras.

This video is on Market Follower Strategies and it has the following sub-topics.

Time Stamps
0:00 What is the Market Followers Strategy?
00:34 Market Followers Counterfeiter
01:21 Market Followers Cloner
01:40 Market Followers Adapter
02:09 Market Followers Imitation
03:43 Market Niche Strategies

Тэги:

#Marketing #Strategies #Market_Follower

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