Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. general management
  3. 1. how can an imitation strategy be effectively im

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

90.2K

Verified Solution

Question

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.

Answer & Explanation Solved by verified expert
3.9 Ratings (662 Votes)
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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

10 marks Prove using the Principle of Mathematical Induction 1 k k 1 k 1...

Basic Math
Q

Personal Polynomial Please make "Chelsea" into a polynomial equation

Basic Math
Q

Compare and contrast transduction (general and specific), transformation, and transfection

Biology
Q

what is problematic about Gorgias' approach to ethics.  

Psychology
Q

you just received an inheritance and are trying to decide between 3 options. your required return...

Finance
Q

True or False: If you have high cholesterol, the doctor will prescribe the same medication...

Biology
Q

r 6 puy on suomun uavis air asn x 4 and g z x 3...

Basic Math
Q

Graph the trigonometric function. y = -3 cosec(2/3x)Start by drawing three consecutive asymptotes. Then plot...

Algebra
Q

Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At...

Accounting
Q

Required- Please prepare a template of how a complete cash flow statement will look based...

Accounting
Q

Complete this question by entering your answers in the tabs below. Prepare a multiple-step income...

Accounting
Q

Assume a company's activity-based costing system includes thee activites. The following informstion is avallable with...

Accounting