Examples Of Product Differentiation

Good Essays
1. Explain and give an example of these terms in your own words.
Product differentiation:
Product differentiation is process commonly used by business. It is process of distinguish a product or services from similar offerings in the market. This involves differentiating it from market products as well as firm’s own products. Product Line:
A product line is a segment of products that are closely related to each other. They are closely related by function, prize rate or price rage. For example, Dollar tree provides only those products which cost is $1. Product Mix is the range of products that are isolated from each other. Small business can use this strategy
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Choose a product category that you shop often. Consider the many means of differentiating products and services. Which ones have the most impact on your choices? Why? Can you think of certain brands that excel on a number of these means of differentiation?
Product category which I often shop is convenience product. These products can classify into: staples, Impulse, and Emergency. Firstly staples are products which one buy regular basis. Secondly, Impulse are products which one buy with some planning and finally Emergency products which one can by it on urgency. Some means to differentiating products and services are like buying frequency, panning, costing, branding, availability and comparisons etc.
I think availability of the product play most impact on the convenience product because convenience products are required more frequently than other type of product category. And if those products are easily available in the market then it would helpful to buyer to get it easily.
4) 4.In what types of stores would you expect to find a) convenience products, b) shopping products, c) specialty products, and d) unsought
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Include the key aspects of points of parity (POP) and points of difference (POD).
Positioning defines the outline what a business should do to market its product or service to its customers. In positioning, the market section team creates image for the product. That image can use of promotion, marketing, product and place. A good positioning strategy can helps to raise the marketing efforts. And it also helps buyer to get more information about what they purchase. Points of parity: the aspect of the product offers the product that relatively distinct to offering product in the market. They are mostly including necessary elements for a brand to be considered in the particular segment. There are two types of point of parity first is category points, represents the important element that brand should possess for consumer to consider in the particular segment. Second is competitive point of parity, represents once your brand provide basic elements required by segment, the next step is to add elements which would negates the competitors. Points of difference
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