Differentiation is part of a firm’s Core Strategy for competing with its rivals. Describe three broad...
Differentiation is part of a firm’s Core Strategy for competing with its rivals. Describe three broad ways that a firm can differentiate its products and services from its competitors.
Homework Answers
Differentiation is part of a firm’s Core Strategy for competing with its rivals. Some of ways that a firm can differentiate its products and services from its competitors are, such as –
- “product differentiation” which relates with the features, durability, reliability, performance , efficacy conformance, style design, form, etc. This one is more visible to everyone but with short span.
- “Service differentiation” which relates with the ‘customer consulting’, ‘delivery’, order, maintenance and repair, training, and all the supporting elements for the same.
- “Channel differentiation” which relates to the ‘coverage’, ‘expertise’ and performance to accomplish competitive advantage.
- “Personnel differentiation” signifies ‘communication’, ‘responsiveness’, ‘competence’, etc. Hence, organization can have a greater competitive advantage through trained workforce.
- “Pricing differentiation” which is segregated based on customer, market segment and amount of need.
- “Image differentiation” relates with perception created by the customer either through communication or through advertising or events or media.
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