Differentiation (VCE SSCE Business Management): Flashcards
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Differentiation definition
Differentiation definition
Strategic approach making products stand out from competitors
Main pricing benefit of differentiation
Main pricing benefit of differentiation
Allows charging premium prices
Three core features of differentiation
Three core features of differentiation
Product characteristics, service & support, brand image
Key outcome of effective differentiation
Key outcome of effective differentiation
Long-term customer loyalty
Three ways to implement differentiation
Three ways to implement differentiation
R&D/innovation, marketing/promotion, high-quality products
Apple's differentiation strategy
Apple's differentiation strategy
Simple, elegant design & seamless integration across devices
Nike's differentiation approach
Nike's differentiation approach
Association with top athletes across multiple sports
Porter's 'stuck in the middle' warning
Porter's 'stuck in the middle' warning
Don't pursue both low cost & differentiation simultaneously
Best customer type for differentiation
Best customer type for differentiation
Non-price-sensitive customers who value quality over low prices
Large vs small businesses and differentiation
Large vs small businesses and differentiation
Large businesses find it easier due to more resources & influence