Final answer:
The late mover is the correct answer to the timing strategies for new product development. This strategy, along with first to market, fast follower, proactive, and reactive, defines how a company approaches market entry in relation to its competitors. Innovation and incremental design are key components of these strategies, aiming to earn above-normal profits by improving or creating in-demand products.
Step-by-step explanation:
Timing strategies for new product development are crucial for gaining a competitive edge in market competition. One of the timing strategies for new product development that complements options such as first to market, fast follower, proactive, and reactive is the late mover strategy. The late mover strategy involves entering the market after competitors, allowing a company to learn from the successes and mistakes of others.
As emphasized by Gregory Lee, CEO of Samsung, the relentless pursuit of new innovation is a key to success, providing a temporary advantage over competitors. This can lead to earning above-normal profits and the ability to produce products more cheaply or with desired characteristics. Developing new technologies is also a strategic approach to maintain long-term advantage over competitors, enhancing a company's market position.
Incremental design is another important aspect to consider in product development, where existing products or processes are enhanced or modified, contributing to continuous improvement and potentially leading to innovation.