Last month we explored one of the three key components of business strategy - the importance of price play. This month we turn to the second: product/service differentiation.
One could argue that all business strategies are about differentiation, even those that focus on price. A cursory glance at any TV advert shows the dominance of price as a key incentive. However, for the purpose of this article let's assume differentiation is expressed in qualitative terms which customers value over and above price. Lessons learnt from history tell us that if you have something different from your competitors then you have a unique market position. Indeed, Thomas Edison would have found it easy to demonstrate the advantages his new-fangled incandescent light had over th...
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