Characterize the four broad strategies often employed by market followers to meet their competitors.
Answer: These broad strategies include: (1) counterfeiter - the counterfeiter duplicates the leader's product and package and sells it on the black market or through disreputable dealers; (2) cloner - the cloner emulates the leader's products, name, and packaging, with slight variations; (3) imitator - the imitator copies some things from the leader but maintains differentiation in terms of packaging, advertising, pricing, or location; and (4) adapter - the adapter takes the leader's products and adapts or improves them.