Question

A(n) ____________ new entry is used by entrepreneurs who see products or business concepts that have been successful in one market niche and introduce the same product in another segment of the market.

Answer 1

Answer:

imitative new entry

Explanation:

Imitative new entry strategy is used by entrepreneur to copy any existing successful business model and implement it in the other market. When any resourceful business entity sees that any product or service is successful in one of the markets then they try to imitate the success of same product in by introducing other market segment.

This helps the business to save finances in research and development, marketing and consumer awareness of product. Moreover, this strategy ensures that there is less scope of failure as the success of product is proven in one segment. It also helps them to improve upon the existing product to make it more consumer attractive.

Since in the problem stated one successful business concept is being introduced in other segment of market. It clearly suggest that it is an imitative new entry strategy.