While imitation may be the sincerest form of flattery, it usually doesn't work when copying another company's products or services. To be truly successful you need to innovate. Without innovation, you're just playing catch-up. Raj Setty has a wonderful mini saga about imitation (click here to check it out). So come up with your own great ideas and let the competition chase after you!
BTW - this idea applies to management, too. We all need to invent how we will lead based on our strengths, our team's strengths and needs, our situation, and our intentions. If there is another manager in your organization who seem very successful, copying him or her will not likely work for you. Great managers come in so many shapes and sizes and this is the way it ought to be.