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.
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 to generate larger sales revenue.
Branding is the process involved in creating a unique logo and unique name in the consumers mind, mainly for the marketing and advertising purpose.
co branding is marketing partnership between the two or more brands of goods or services. Like in internet commerce, two or more firms are working with each others to branding of goods and services.
Packaging serve different function for the product. Packaging main purpose of helping in shops or stores to handle, transport and display the product. Packaging can also help to marketing and branding product.
2. What types of products are the following?
a) Toothpaste: I believe that toothpaste is convenience product because convenience product is consumer product or s...
... middle of paper ...
...o 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 (POD):
The aspect of the product offers the product that largely similar to offering product in the market. One other word point of difference usually the attribute, benefits, functionalities that consumer associate with it, which one feels is not offered by other brands.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- TEAM CHESTER I. Our strategy Hybrid Approach - Broad Cost Leader and Broad Differentiation The Chester team will implement a Broad Cost Leader and Broad Differentiation strategy, maintaining a presence in every segment of the market place. We hope to gain a competitive advantage by getting R&D costs, production costs, and raw material costs as low as possible. Our Cost Leader position will help us with a competitive advantage based on price, we will price our products fairly average. Not too low but not too high either.... [tags: Marketing, Cost, Product differentiation]
797 words (2.3 pages)
- The primary goals for Business-to-Business marketing are to create value for consumers and build an effective business relationship with their customers. The best way to achieve those goals are through the processes of segmentation, targeting, differentiation, and positioning for competitive advantage. The author of the textbook affirms, “In the marketplace, customers seek solutions, not technologies or products.” (Vitale 174). So how do we determine what the customers consider valuable or in this case, a solution.... [tags: Marketing, Product differentiation]
1103 words (3.2 pages)
- As the world’s population becomes increasingly aware of the importance of maintaining good health through fitness and nutrition, new products have inundated these industries. While there are a plethora of products, services, and programs to choose from, there is one product that has yet to be perfected: the single person’s sit-up bar. This product will not only enable a person to do proper sit-ups without the help of another person, but it will also allow users to do reverse sit-ups. Similar products have been introduced to the market but are either not conducive to proper form or are extremely costly.... [tags: Marketing, Product differentiation]
1222 words (3.5 pages)
- The threat of substitute products is high, which can limit the price charged for the product. Technology has aided to increase the threat of substitute products because more consumers are using the Internet to research prices, find sales and read reviews. If Under Armour can obtain a patent on all of its products, this will stop Nike and Adidas from completely copying their products. The bargaining power of buyers is high mainly because customers that focus on price have a lot of power. Buyers can force prices to go down or demand higher quality services or products, which may increase operating costs.... [tags: Marketing, Product differentiation]
1267 words (3.6 pages)
- Importance of Marketing Concept Marketing is one of the most important aspects of the business industry today. As noted early on in class lecture, the customer is the center focus of a business, however it is marketing that essentially bring the business functions together. The Marketing Concept focuses on making a decision based on the needs and wants of target markets to deliver value better than competitors. The Marketing Concepts helps an organization or company operate with greater efficiency by reducing costs and risks, having competitive advantage against competitors and increasing profitability and customer equity.... [tags: Marketing, Target market, Product differentiation]
844 words (2.4 pages)
- The process of dividing the markets into distinct homogeneous sub- groups of consumers with similar needs or characteristics that lead them to respond to the marketing programmes in a similar is called market segmentation. APPLE: - Apple has a demographic market segmentation in India like age and income segmentation. It focuses on capturing the attention of youth and elite few. The young are targeted due to their love for technology and music and being price insensitive. They are more receptive to new and emerging technologies.... [tags: Marketing, Product differentiation]
731 words (2.1 pages)
- Introduction Apple Inc. is one of the largest companies in technology and software that the medical industry has the ability to benefit from. Apple has marketed the world in all types of technology and devices. Apple would be the best company to merge with the medical industry. Their products could be designed specifically for an individual that has medical challenges. They could provide an opportunity to children that are not able to attend school therefore they could design a device and program that would allow a child the chance to feel as though they are in a classroom setting by way of virtual technology.... [tags: Marketing, Product differentiation]
1121 words (3.2 pages)
- PEST analysis stands for Political, economic, social and technological analysis that describes a framework of macro environmental factors used in the environmental scanning component of strategic management. 2.1.1 Political factors are basically to what degree the government intervenes in the economy. Specifically, political factors include areas such as tax policy, labor law, environmental law, trade law, tariffs, and political stability. Political factors may also include goods and services which the government wants to provide or already provided.... [tags: Marketing, Product differentiation, Food, Seafood]
1259 words (3.6 pages)
- Paramount Health and Beauty Company’s (Paramount) upcoming introduction of their new product, the Clean Edge Razor, into the non-disposable razor market presents a number of issues and questions that must be answered in order to maximize profit. Paramount already holds two products in the non-disposable market, both the Paramount Pro and the Paramount Avail, with the Pro being positioned in the mainstream segment of the market and the Avail being positioned in the value segment of the market. The decision Paramount faces involves where to position the Clean Edge Razor.... [tags: Marketing, Shaving, Product differentiation]
1943 words (5.6 pages)
- Music has been a source of entertainment since it first hit the public’s ears. Since its birth, music has transformed from a treat for a live audience into an event that anyone can hear from anywhere on the planet. There are many companies aiming to place themselves as the go-to source of music, including Apple Music, Spotify, and Pandora, as well as a few others. While searching for my article, I was initially looking for a story on Pandora, as it is the most commonly used my peers. However, upon searching I realized that Spotify has been making many strategic moves recently.... [tags: Marketing, Target market, Product differentiation]
1504 words (4.3 pages)