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The concept of Differentiation
Member rating: No Rating | Words: | Submitted: Mon Sep 13 2004
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Introduction Differentiation is the foundation of all strong brands. It is one the essentials for firms to gain a profit and compete successfully. In this essay, the definition of differentiation is explained; the relationship between differentiation and price is debated, how does differentiation help the firm to compete and make a profit is also discussed. Definition of Differentiation Differentiation is a fuzzily understood concept. It is normally used without any formalization of definition and hence there exist a number of alternative definitions,along with non-complementary measure. Customers have different demands. Therefore, firms offer variety in a category. Differentiation is the modification of a product, usually in minor ways, to make it more attractive to the target market and to differentiate it from competitors' products. A firm is differentiated when it provides something unique that is valuable to buyers beyond simply offering a low price (Michael, 1980). Differentiate should gives value to customers. The term...
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