How can a firm differentiate themselves? Think of an example of each of the 4 types...

How can a firm differentiate themselves? Think of an example of each of the 4 types we discussed in class.

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Expert Solution

Firms can differentiate on the basis of Product, Price, Service, and Image. Example of firms that have differentiated for each category is as follows:

Product (differentiation on the basis of features, efficiency, reliability, and durability): Apple Inc. is known for its device features like smooth touch, durability and warranty cover that provides safety net against any damages.

Price (Differentiation on the basis of price by charging consumers their willingness to pay to capture maximum market share. Discounts, multiple subscription options are some ways in which firms try to do price description): Spotify is an example of a firm that practices price description by providing daily, weekly, monthly, and yearly subscription options on premium account for subscribers.

Service (Differentiation on the basis of post-purchase service that includes not only delivery and customer service, training, installation, and ease of ordering): Amazon has been one of the leading e-commerce websites as it provides one of the best services through fast delivery, ease in return and replacements, faster returns, installation services that are included in some of the products, detailed product reviews and descriptions, etc.

Image (differentiation by creating a brand image through advertising and marketing of higher quality, performance, and service.): Starbucks has created a strong image of being a premium, customer-friendly, and ethical brand in the beverage business.

Rahul Sunny answered 1 year ago

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