Reference no: EM133173831

There are three types of entrepreneurial entry strategies which include pioneering, imitative, and adaptive. Pioneering is a company's entry into an industry with a new product or service that is innovative that can change the way in which business is conducted (Dess et. al, 2021). There is a risk for the product or service not being accepted by consumers because there is already another product or service that is similar. With this entry strategy, it may be smart for companies to protect their intellectual property, build recognition for the brand, form alliances with other firms, and provide excellent customer service. The question for companies to look into when releasing their product or service is will it be easy for other firms to imitate. Imitative strategies are when a company has products or services that thrive in markets that have proven success and works when it fills a consumer need that has not been sufficiently filled by another company (Dess et. al, 2021). Companies must watch out for other companies who can easily imitate the product or service. Adaptive strategies occur when a company releases a new product or service that is based off of current trends but creates new customer value. In this strategy, companies must create high value of uniqueness to increase customer motivation to try it (Dess et. al, 2021). Also, there is pressure for companies to keep innovating the product to keep the uniqueness and customer value high. One concern for companies using this strategy is will the product be easy for competitors to imitate.