It is very intriguing to find that late entrants have their own strategies to win in the innovation race. Strategic planning involves improving operational efficiency and scouting for opportunities to build new markets and grow domestic markets.
It is a known fact that an organization that is first to hit the market with an innovative product or service has a better advantage over late entrants. However, later entrants can succeed in the innovation race.
So, what can late entrants do?
- Adopt distinctive positioning and marketing strategies.
- Take advantage of the complacency of the pioneers
- Attempt to leverage the inability of pioneers to cater to growing or shifting demands of the market place
- Explore innovative ways to market their product or service
- Have a thorough understanding of entry and defensive strategies
- Have a good sense of timing
- Understand the weaknesses of competitors better than the latter
- Other strategic measures adopted by late entrants
- Use market penetration pricing if cost of production is lower
- Focus on niche market
- Use incremental innovation to improve on existing products
- Target new geographies to market existing products
- Develop new channels of distribution to access new markets
|About the Author||Venkatesh Ganapathi||@VGanapathi|
Venkatesh Ganapathi is a Guest writer for Startuptimes.in . Varun is an Assoc. Professor at Presidency Business School and is an author of books – “Introduction to Green Supply Chain Management” and “Managing Successful Innovations” (Book Boon Publishing).
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