A New Entrant in a Market Dominated by Established Players

question 92

Essay

A new entrant in a market dominated by established players introduces itself with copycat products of another competitor. Would this strategy work in the long-term for the firm? Justify your answer.

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Definitions:

External Incentives

External factors or rewards that motivate behavior, such as money, grades, or social recognition.

Secondary Drives

Learned drives that are not directly related to biological needs but arise through association with those needs, such as the desire for money or social approval.

Learned

Acquired knowledge or behavior patterns through experience, observation, or being taught.

Experience

The knowledge or practical wisdom gained from direct participation in events or activities.