Which strategy refers to developing a competing product at a lower price after making use of an innovator's research?

The strategy described involves monitoring and leveraging the innovations created by a pioneering company to create a competing product that is offered at a lower price point. This approach is characteristic of a fast-follower strategy, where a company does not lead in innovation but instead quickly adapts and implements existing successful ideas while potentially capitalizing on cost advantages.

This allows a fast-follower to gain market share without incurring the significant R&D expenses that the innovator faced. By acting promptly after innovation is introduced, a fast-follower can address the market demand with a refined product that appeals to cost-sensitive consumers, thus providing an effective competitive advantage.

Utilizing this strategy enables firms to stay competitive while minimizing risks associated with being an innovator in the market. It distinguishes itself by focusing on speed and adaptability rather than solely on originality or leadership in product development.