Term
|
Definition
| A business strategy whereby firms attempt to gain a competitive advantage by increasing the perceived value of their products or services related to the perceived value of other firms' products or services |
|
|
Term
| Four Attributes of a Firm's Product or Services |
|
Definition
Product Features
Product Complexity
Timing of product introduction
Location |
|
|
Term
|
Definition
| Most obvious way that firms can try to differentiate prodcuts |
|
|
Term
|
Definition
| Special case of altering a product's features to create product differentiation |
|
|
Term
| Timing of Product Introduction |
|
Definition
First mover advantage.
Also introduction products or services later, but at the right time |
|
|
Term
|
Definition
Physical location can be source of product differentiation. M
Ex.Multiple Disney theme parks in Orlando. |
|
|
Term
| Three types of Relationships between firms and customers |
|
Definition
Product Customization
Customer Marketing
Reputation |
|
|
Term
|
Definition
Product customization provides product differentiation
Ex. Apple Ipod has customization applications making it differentiated |
|
|
Term
|
Definition
The way a product is marketed determines who will we be interested in the product.
Ex. Mountain Dew: From As Light as the morning Dew in the Mountain" To "Do the Dew" |
|
|
Term
|
Definition
| A socially complex relationship between a firm and its customers |
|
|
Term
| 5 Types of Focuses on Links Within and Between Functions |
|
Definition
Between Functions
Other Firms
Product Mix
Distribution Channels
Service and Support |
|
|
Term
| Linkages Between Functions |
|
Definition
| Products can be more easily differentiated when firms coordinate in different departments |
|
|
Term
|
Definition
Firms that associate and advertise though other firms can experience product differentiation.
Ex. CocaCola a proud sponsor of the Olympics |
|
|
Term
|
Definition
Companies can sell more items when they sell in bundles or products are interconnected.
Ex. Comcast Triple Play |
|
|
Term
|
Definition
The way a product can be distributed can affect differntation
Ex. CocaCola can have all its products distributed thorough vending machines where as Canada Dry may not |
|
|
Term
|
Definition
Products can be differentiated through their service and support.
Ex. I will never use Comcast if I can help it. |
|
|
