Pages : 500; Paperback;
210 X 275 mm approx.
Pages : 282; Paperback;
210 X 275 mm approx, Sample Applied Theory Questions
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Firms try to bring about differentiation in their products to provide superior value to their customers. Marketers try to highlight aspects of product differentiation to ensure that customers perceive their product as different from their competitors’ products. Marketers use goods, services, distribution channels and positioning strategies to differentiate their products. Differentiation can be based on differences in quality, features, style, price, or can be even based on the image of the product in the mind of the customer.
to perform certain functions. A firm can differentiate its product by adding or removing certain features from the product. Product quality refers to the overall characteristics that enable the product to perform according to the expectations of customers while also satisfying their needs.
Sometimes, it becomes difficult for the marketer to differentiate on the basis of the product alone. Therefore, marketers introduce differentiation based on services offered with the product. These services include ease of order, delivery, installation, financial arrangements, customer training, warranties, repair services, maintenance and disposal of the product. Firms invest millions of rupees every year to train their employees. Training employees helps them serve the customer better and this can help the firm in creating a difference in customer experience.
A firm can achieve a distinct differentiation for its products through adequate distribution channels and on the basis of its image. Image is the way in which people perceive a company and its products. An effective image establishes the product's character and value positions. Companies use various tools like symbols, events, print and mass media, and communication channels to convey the image of the product to customers.
Products can also be differentiated on the basis of positioning. A product's position is the customer's perception about the product's attributes in relation to the attributes of competing brands. Product positioning becomes a natural choice when a firm indulges in market segmentation. A company should develop a unique selling proposition (USP) for each of its brands.
Positioning is a challenging task for marketers and any error in positioning or improper planning can hamper the credibility of the company and lead to a loss of the product's position in the market. Hence, marketers need to take utmost care while positioning their products. Major positioning errors that can occur include underpositioning, overpositioning, doubtful positioning and confused positioning. Once a firm has created a position for the product or service in the mind of the customer, it must communicate it effectively to its customers.