reply to the students response iin 150 words and provide 1reference
Differentiation strategy is a business strategy that seeks to create higher value for customers than the value that competitors create. The goal of this strategy is to add unique features that will increase the value of goods and services in the mind of consumers so they are willing to pay a higher price. A company that uses this strategy can achieve a competitive advantage as long as economic value created is greater than that of its competitors. Firms can attain differentiation by producing innovative products, providing products that match consumers needs and preferences, increase product performance, setting price based on customer’s purchasing power and product features, and creating a brand image that ensures better quality, services and customer satisfaction. One great example would be of Coca Cola company. Few years back, it launched a campaign to create more awareness about its brand Which was called “share a cake” campaign. The company produced coke bottles with customers names on the labels And handed them out throughout the cities to create exposure on twitter. Customers were asked to share their pictures of coke bottle on Twitter and other social media platforms. The launch was started in Australia and expanded to U.K, U.S.A and other countries. I remember how excited my friends and I were to get customized coke bottles. I even gifted my friend a coke bottle by getting her name customized on the bottle. When we go to any stores now, you would mainly find coke bottles with customers name label on it . This was a great strategy to use because it attracted more customers to purchase the coke bottles and was an Innovative approach because coca cola differentiated its bottles from other soda brands.
Differentiation Strategy. Business Jargons. Retrieved from https://businessjargons.com/differentiation-strategy.html
Mike. (2016, January 13). Different strategy… 9 Brands that Employ Excellent Ones. Digital Spark Marketing. Retrieved from https://digitalsparkmarketing.com/differentiation-strategy/
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