Despite being a commonplace business phenomenon, imitation has tended to be excluded from systematic academic research due to its somewhat negative connotation. Furthermore, the fact that prior studies on market entry timing have been heavily biased toward analyzing the competitive advantages of first movers has served as a barrier to advancing research on imitation strategies as competitive strategies of late entrants. Recent case studies have recognized the value of late entrants' imitation strategies and raised the need for systematic research on this topic. The purpose of this study is to determine whether imitation can serve as a viable strategic alternative for enhancing late entrants' competitiveness and performance. To achieve this research objective, a contingency approach was employed to analyze the effects of environmental fit on the relationships among imitation strategy, competitiveness, and business performance. The results revealed that late entrants' imitation strategies are effective in strengthening their competitive advantage factors, compensating for competitive weaknesses, and enhancing competitiveness against first movers. Moreover, the strengthened competitive capabilities achieved through the implementation of imitation strategies were found to translate into business performance, effectively improving management outcomes. Furthermore, it was discovered that the degree of interrelationship among imitation strategy, competitive capabilities, and business performance varies according to environmental characteristics. Additionally, it was possible to derive meaningful imitation strategy typologies, and differences in strategic profiles were found to exist between high- and low-performance groups within the same strategic group.