How Can Market Followers or Nichers Compete Effectively
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A market follower is a runner-up firm willing to maintain its market share and not rock the boat. It can play the role of counterfeiter, cloner, imitator, or adapter. A market nicher serves small market segments not being served by larger firms. The key to niche-man-ship is specialization. Nichers develop offerings to fully meet a certain group of customers’ needs, commanding a premium price in the process. As important as a competitive orientation is in today’s global markets, companies should not overdo the emphasis on competitors. They should maintain a good balance of consumer and competitor monitoring.
