1. How can an imitation strategy be effectively implemented? Give an example. 2. What are the pros...

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General Management

1. How can an imitation strategy be effectively implemented?Give an example.
2. What are the pros and cons of running a franchise?
3. Describe the skills and personality traits of a successfulentrepreneur.

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1 How can an imitation strategy be effectively implemented Give an example Ans There are two ways to imitate the innovations of othersnamely 1 developing a metoo or copycat offering to compete directly against the originators innovation 2 launching an inventive imitation of a rivals success The difference between a copycat and creative imitation strategy is simple A metoo offering could be a direct nearduplicate of the original a creative imitation offering attempts to create significant improvements and add a group of valueadded services not found within the originators innovation A metoo strategy sometimes works But within the majority of cases creative imitation works far better Copycat rivals make little or no change to the essential innovation They simply copy and hope in an expanding market they too will prosper Creative imitation needs improvement upon or creating meaningful differentiation from the originators innovation than the new one Copycatmetoo methodology work when the originator fails to completely exploit its market that is undermarkets For example if a brand new product is introduced in an exceedingly specific geographical region and also the innovating company fails to roll out the successful product to other regions competitors will fill the vacuum space with metoo lookalike products in the market Simply put the copycat is successful if the innovator fails to aggressively maximize its proven success Exploiting fast and successfully identified internal successes can fortify the originators market position and squash copycats before they get a grip within the marketplace Creative Imitation A Useful Example Creative imitation is a good market entry strategy to achieve market position from the originator Drucker stated creative imitation satisfies a requirement that already exists instead of creating one By the time creative imitators head to work the market has already been identified and also the demand has already been created He offered IBMs entry into the nonpublic computer market an excellent example of an imitator successfully improving the first innovation IBM for See Answer

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