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In: Economics

You are thinking about launching a new line of hats. You need to decide whether to...

You are thinking about launching a new line of hats. You need to decide whether to make your hats relatively similar or different from other hats that are currently being sold. Other than considering consumer preferences, what strategic consideration should you consider in choosing how much to differentiate yourself from other hat sellers/milliners?

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Expert Solution

PRODUCT DIFFERENTIATION :

Product differentiation is a process of differentiating a product or service from others in the market, to make it more appealing to the public.

STRATEGIC CONSIDERATIONS TO CONSIDER:

1) PRICE : Price is the most important factor to be considered while differentiating a product. The consumers prefer the products with genuine costs and good quality. So your price should be set in such a manner that it neither affects the company .

2)QUALITY: The quality is something which a customer does not compromise at any cost, so it is very important for the company to manufacture the products that are of good quality and are durable as well .

3) FEATURES : Features like colour,shape, material,size is something which can help gain consumers as not every competition of yours is going to give the product with the same features you are going to, so make sure the features are exceptionally decided .

4)MARKETING : Again it is very important for you to advertise and market your product as it a way to make the product popular in the society and more likely to be bought .

5) LOOK : It is very important for your product to look attractive enough so that the customer thinks of buying it as soon as he has a look on it. The attractiveness of a product is really important for the company .

6) GOOD CUSTOMER SERVICE : The most important part is the customer service, it becomes very important for you to give good customer service after selling the product because you need a long run business and for that good service is required, if you only think of selling a product once and do not care of your customers service , you will surely lose the customers and hence the business will run into losses.

Rahul Sunny answered 9 months ago
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