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In Underdeveloped countries, local mobile phone companies use the same technology used by big companies to manufacture their product. Which of the following types of Entrepreneurs is highlighted above?
- a)Trading Entrepreneurs
- b)Agriculture Entrepreneurs
- c)Imitative Entrepreneurs
- d)Innovative Entrepreneurs
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
In Underdeveloped countries, local mobile phone companies use the same...
Explanation:
The highlighted type of entrepreneur in the given scenario is "Imitative Entrepreneurs." Here's a detailed explanation:
Imitative Entrepreneurs:
- Imitative entrepreneurs are those who replicate existing products or services in a different market or context.
- They observe successful business models and imitate them in their own businesses.
- They do not introduce significant changes or innovations in the products or services they offer.
- Instead, they focus on bringing existing products or services to underserved markets or underdeveloped regions.
- In this case, the local mobile phone companies in underdeveloped countries are using the same technology as big companies to manufacture their products.
- They are imitating the business models and technologies used by larger companies to serve the local market.
- These entrepreneurs may adapt the products or services based on local needs and preferences, but they do not introduce groundbreaking innovations.
Therefore, the highlighted type of entrepreneur in the given scenario is "Imitative Entrepreneurs."
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The highlighted type of entrepreneur in the given scenario is "Imitative Entrepreneurs." Here's a detailed explanation:
Imitative Entrepreneurs:
- Imitative entrepreneurs are those who replicate existing products or services in a different market or context.
- They observe successful business models and imitate them in their own businesses.
- They do not introduce significant changes or innovations in the products or services they offer.
- Instead, they focus on bringing existing products or services to underserved markets or underdeveloped regions.
- In this case, the local mobile phone companies in underdeveloped countries are using the same technology as big companies to manufacture their products.
- They are imitating the business models and technologies used by larger companies to serve the local market.
- These entrepreneurs may adapt the products or services based on local needs and preferences, but they do not introduce groundbreaking innovations.
Therefore, the highlighted type of entrepreneur in the given scenario is "Imitative Entrepreneurs."
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In Underdeveloped countries, local mobile phone companies use the same...
Imitative Entrepreneurs
Imitative Entrepreneurs are those who replicate existing products or services in the market using the same technology, business model, or idea. In the given scenario, local mobile phone companies in underdeveloped countries are imitating the technology used by big companies to manufacture their products.
Characteristics of Imitative Entrepreneurs:
- Imitative Entrepreneurs tend to enter markets where successful products or services already exist.
- They replicate existing ideas or technologies with minor modifications to cater to different markets or customer segments.
- Imitative Entrepreneurs focus on cost-effective production and marketing strategies to compete with established players.
Advantages of Imitative Entrepreneurship:
- Lower risk compared to Innovative Entrepreneurship as imitators enter proven markets.
- Cost-effective production and marketing strategies can lead to quicker profitability.
- Ability to cater to specific market needs or segments that may be overlooked by big companies.
Challenges faced by Imitative Entrepreneurs:
- Risk of legal issues if intellectual property rights are violated.
- Competition from both established players and other imitators in the market.
- Limited opportunities for differentiation and brand recognition.
In conclusion, the highlighted entrepreneurs in the given scenario are Imitative Entrepreneurs who replicate existing technologies in the mobile phone industry to compete with big companies. They play a crucial role in providing affordable and accessible products to consumers in underdeveloped countries.
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In Underdeveloped countries, local mobile phone companies use the same technology used by big companies to manufacture their product. Which of the following types of Entrepreneurs is highlighted above?a)Trading Entrepreneursb)Agriculture Entrepreneursc)Imitative Entrepreneursd)Innovative EntrepreneursCorrect answer is option 'C'. Can you explain this answer?
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