How can market followers or nichers compete effectively

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This slide explains different strategies adopted by market followers or market nichers for making their business profitable. Submitted by: Prakhar Singh

Business

Market Followers
Market followers are companies which imitate someone
else's innovation and try to capitalise on that.

Strategies used by market followers
I. Counterfeiter: sell duplicate items on black
market.
II. Cloner: emulates leader’s product with
different name and packaging
III. Imitator: copies some things from the leader
but differentiates itself on packaging,
advertising, pricing etc.
IV. Adapter: takes leader’s product and adapts
or improves upon it.

Market Nichers
Market Nichers are followers which imitate the market
leader in a small region or market.
Firms either adopt Single or Multiple niching strategies.

Strategies used by market nichers
I. End-User specialist: firm specialises in one
type of end user specialisation like service.
II. Vertical Level specialist: specialisation at
some vertical level of product distribution
III. Customer-size specialisation: target
small, medium or large customers
IV. Specific customers: sells to one or few
customers

Strategies used by market nichers
V. Geographic specialist
VI. Product specialist: produces only one or
few products
VII. Job shop specialisation: customisation
for individual customer
VIII.Quality/service/channel specialist

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How can market followers or nichers compete effectively

2. Market Followers Market followers are companies which imitate someone else's innovation and try to capitalise on that.

3. Strategies used by market followers I. Counterfeiter: sell duplicate items on black market. II. Cloner: emulates leader’s product with different name and packaging III. Imitator: copies some things from the leader but differentiates itself on packaging, advertising, pricing etc. IV. Adapter: takes leader’s product and adapts or improves upon it.

4. Market Nichers Market Nichers are followers which imitate the market leader in a small region or market. Firms either adopt Single or Multiple niching strategies.

5. Strategies used by market nichers I. End-User specialist: firm specialises in one type of end user specialisation like service. II. Vertical Level specialist: specialisation at some vertical level of product distribution III. Customer-size specialisation: target small, medium or large customers IV. Specific customers: sells to one or few customers

6. Strategies used by market nichers V. Geographic specialist VI. Product specialist: produces only one or few products VII. Job shop specialisation: customisation for individual customer VIII.Quality/service/channel specialist

How can market followers or nichers compete effectively

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How can market followers or nichers compete effectively