Characterize the four broad strategies often employed by market followers to meet their competitors
What will be an ideal response?
These broad strategies include: (1 ) counterfeiter - the counterfeiter duplicates the leader's product and package and sells it on the black market or through disreputable dealers; (2 ) cloner - the cloner emulates the leader's products, name, and packaging, with slight variations; (3 ) imitator - the imitator copies some things from the leader but maintains differentiation in terms of packaging, advertising, pricing, or location; and (4 ) adapter - the adapter takes the leader's products and adapts or improves them.
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