Question

Come up with five examples of firms that have used imitation as a way of reducing the risk of entry. What aspects of risk was it meant to reduce? Was it successful? What aspects of the firm that were not generated by imitation made it unique, and were a potential source of advantage over competitors?

Answer 1

Entrepreneurial tactics mention to the set of plan representing resolution, response, and actions that are procreate first and then utilized over time. The new access is made under the entrepreneurial tactics in a way that gives higher benefit of newness and decrease costs.
Imitation is a strategy to reduce the hazard and loss associated with new entry. It is a strategy to copy the practices of other firms. It helps in improving the performance of the firm. It is a strategy of research and copying. Firms such as Mac Donald, KFC, Holiday Inn, IBM, and Litton adopted a duplication tactics. These firms succeeded in replicating the policies adopted by others.
Reducing the risk of copying strategy: The following risks were mitigated by these firms with the help of a fake strategy:
• Avoidance of initial research and development costs: These firms reduced the risk of heavy initial expenditure on research and development. They researched the tactics siphoned by others and Copied.
• Learn from the failure of competitors: Research conducted under the counterfeiting strategy helps companies learn from the failures of others and overcome the risks of failure in those areas.
• Avoiding the risk of failure: The tactics adopted by others are well tested and it decrease the risk of failure of strategies.
Aspects not copied by the strategy of copying: The strategy of copying helps to save research and innovation expenditure. Firms merely mimic successful strategies adopted by others. However, there are some aspects that cannot be copied by other firms and the competitive advantage is enjoyed by these competitors.
1.Economies of scale: Economies of scale obtained by competitors cannot be copied by others. It is unique to the firm.
2. Low cost producers: Being economies of scale and low cost producers is a competitive advantage enjoyed by the firm and cannot be copied
3. Unique product quality: The quality of the product cannot be copied from other forms by fake touch. This makes the firm different from others in the market.
4. Goodwill: The brand tag and goodwill made by the firm in the market gives it a competitive advantage and cannot be imitated by others.

Entrepreneurial tactics mention to the set of plan representing resolution, response, and actions that are procreate first and then utilized over time. The new access is made under the entrepreneurial tactics in a way that gives higher benefit of newness and decrease costs.
Imitation is a strategy to reduce the hazard and loss associated with new entry. It is a strategy to copy the practices of other firms. It helps in improving the performance of the firm. It is a strategy of research and copying. Firms such as Mac Donald, KFC, Holiday Inn, IBM, and Litton adopted a duplication tactics. These firms succeeded in replicating the policies adopted by others.
Reducing the risk of copying strategy: The following risks were mitigated by these firms with the help of a fake strategy:
• Avoidance of initial research and development costs: These firms reduced the risk of heavy initial expenditure on research and development. They researched the tactics siphoned by others and Copied.
• Learn from the failure of competitors: Research conducted under the counterfeiting strategy helps companies learn from the failures of others and overcome the risks of failure in those areas.
• Avoiding the risk of failure: The tactics adopted by others are well tested and it decrease the risk of failure of strategies.
Aspects not copied by the strategy of copying: The strategy of copying helps to save research and innovation expenditure. Firms merely mimic successful strategies adopted by others. However, there are some aspects that cannot be copied by other firms and the competitive advantage is enjoyed by these competitors.
1.Economies of scale: Economies of scale obtained by competitors cannot be copied by others. It is unique to the firm.
2. Low cost producers: Being economies of scale and low cost producers is a competitive advantage enjoyed by the firm and cannot be copied
3. Unique product quality: The quality of the product cannot be copied from other forms by fake touch. This makes the firm different from others in the market.
4. Goodwill: The brand tag and goodwill made by the firm in the market gives it a competitive advantage and cannot be imitated by others.