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Definition: A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same. Description: A product needs to be relevant: the users must have an immediate use for it. A
product needs to be functionally able to do what it is supposed to, and do it with a good quality. A product needs a name: a name that people remember and relate to. A product with a name becomes a brand. It helps it stand out from the clutter of products and names. A product should be adaptable: with trends, time and change in segments, the product should lend itself to adaptation to make it more relevant and maintain its revenue stream. Know more about Product: Watch video...
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Is making a product different from other similar products?Product differentiation is a process used by businesses to distinguish a product or service from other similar ones available in the market. This tactic aims to help businesses develop a competitive advantage and define compelling, unique selling propositions (USPs) that set their product apart from competitors.
What is the product differentiation is also known as?Also known as product differentiation strategy, product differentiation is a method for companies to make their products stand out and grab the attention of consumers. This helps the company develop a strong brand that potential customers will recognize.
What does it mean when you differentiate your product?Product differentiation is the introduction of unique, distinctive characteristics or features to a product to ensure a USP (unique selling proposition) of the product. The differentiation enables a company to achieve a competitive advantage over other companies offering similar product substitutes.
What are the 4 main types of product differentiation?Product Differentiation Types & Factors. Horizontal differentiation: Distinctions in products that cannot be evaluated in terms of quality. ... . Vertical differentiation: Distinctions in products that can be evaluated in terms of quality. ... . Simple (or Mixed) differentiation: Differentiation based on numerous characteristics.. |