Product/service differentiation
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Product/service differentiation is :: the process of developing and prompting differences between the business’ products or services and its competitors.
- differences can be simple like changes in packaging, more features and better value for money etc.
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value for money is :: the desire to obtain the best quality, features and performance for a given price of a product.
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four main ways that businesses can distinguish their products from its competitors:
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Customer service
- personalised, caring, high quality & value
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Environmental concerns
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Convenience
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Social and ethical issues
- Ethical consumerism, (e.g. Fair Trade movement)
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ethical consumerism involves :: buying products that are not harmful to the environment, animals and society
Product/service positioning
- Product/service positioning refers to :: the technique in which markets try to create an image or identity for a product compared with the image of its competing products.
- Also concerned with how potential buyers perceive the product