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Companies strive to distinguish their products from competitors through differentiation strategies. By offering greater values, customization features and convenience options, you can influence a customer to purchase your products.
We can differentiate our product or service in many ways:
1.By adding quality to our product/utility variations/multiple utility...
2.In case of food products added tastes or flavors or medicate with herbs/additional spicy ingredients.
3.Differentiate with added style to marketing approach by own attractive mind capturing slogans.
4.Differentiate with the target groups/classes with stpecial attractions and added advantages especially meant for the same class.
5.Differentiate by positioning.....A Lead Bank concept could be an example.
.............................And in many ways we differentiate and stand out from the Crowd especially from competitors.
In simple words Product Differentiation Strategy is the process of distinguishing a product or service from others, to make it more attractive to a particular target segment.This may involve differentiating the product or service from that of competitor or firm's own products.
Small companies will often use a product differentiation strategy when they have a competitive advantage, such as superior quality or service. For example, a small manufacturer or air purifiers may set themselves apart from competitors with their superior engineering design. Obviously, companies use a product differentiation strategy to set themselves apart from key competitors. However, a product differentiation strategy can also help a company build brand loyalty.
Thanks for the invitation
Agreed with both answers given by
Mr.:Patel & Mr.:Jetley as well too
Differentiated business strategies are among the two basic types of competitive strategies companies can use to distinguish themselves in the market.
Differentiation
Differentiation essentially means making your business or brand stand out by offering unique features, benefits, services or other elements of your solution. This strategy means identifying the most important criteria used by buyers in your market and then designing product, service or other offerings in a way that best meets those criteria. Offering the highest-quality product, the best solution, an exclusive feature or tool or organic materials are examples of ways to differentiate on certain criteria. Differentiation strategies coincide with higher price points than low-cost providers because it costs more money to provide a better overall solution. Emphasizing the value-added elements above the low-cost options is key.
Differentiation Focus
Differentiation focus has basic similarities to differentiation, but the focus is on one or a small number of target market segments. In some industries, very distinct market segments want very different things from a product or service. With a differentiation focus, your business centers on a given segment or two with which your strengths best align. This more-focused approach allows you to maximize efforts in marketing to the selected segments and invest your ad resources to convince the segments of your brand's superior benefits.
Product strategy: is the identification and selection of product design and drawing goals and policies of the institution in production.
Thank you for the invitation Mr./ Vinod
Product Differentiation Strategy
A marketing process that shows the differences between your products and competitor’s products. Differentiation looks to make a product more attractive by contrasting its unique qualities with other competing products.
Successful product differentiation creates a competitive advantage for the seller, as customers view these products as unique or superior.
Agreed and learned more in depth about subject by experts
WELL ADD ANSWER BY ALL THE PEOPLE.
