Product Differentiation

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The Economic Theory Of Product Differentiation

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Author : John Beath
language : en
Publisher: Cambridge University Press
Release Date : 1991-02-22

The Economic Theory Of Product Differentiation written by John Beath and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-02-22 with Business & Economics categories.

There are few industries in modern market economies that do not manufacture differentiated products. This book provides a systematic explanation and analysis of the widespread prevalence of this important category of products. The authors concentrate on models in which product selection is endogenous. In the first four chapters they consider models that try to predict the level of product differentiation that would emerge in situations of market equilibrium. These market equilibria with differentiated products are characterised and then compared with social welfare optima. Particular attention is paid to the distinction between horizontal and vertical differentiation as well as to the related issues of product quality and durability. This book brings together the most important theoretical contributions to these topics in a succinct and coherent manner. One of its major strengths is the way in which it carefully sets out the basic intuition behind the formal results. It will be useful to advanced undergraduate and graduate students taking courses in industrial economics and microeconomic theory.

The Product Differentiation Marketing Strategy Defined The Benefits Of Companies Using A Product Differentiation Marketing Strategy In Foreign Markets And Internet Marketing Tactics That Can Help Brands

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Author : Dr Harrison Sachs
language : en
Publisher:
Release Date : 2020-03-02

The Product Differentiation Marketing Strategy Defined The Benefits Of Companies Using A Product Differentiation Marketing Strategy In Foreign Markets And Internet Marketing Tactics That Can Help Brands written by Dr Harrison Sachs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-02 with categories.

This essay sheds light on the benefits appertaining to utilizing a product differentiation marketing strategy in foreign markets and identifies internet marketing tactics that can help brands facilitate the successful implementation of the product differentiation strategy in foreign markets. "Product differentiation is a marketing strategy that businesses use to distinguish a product from similar offerings on the market. For small businesses, a product differentiation strategy may provide a lasting competitive advantage in a market dominated by larger companies. For instance, the the product differentiation strategy also allows business to compete in areas other than price" (Kelchner) which ultimately allows brands to create perceived value and charge premium prices for their products. Moreover, the implementation of a successful product differentiation strategy fosters "brand loyalty among customers. Furthermore, this marketing strategy may create the perception that there's no substitute available on the market. Although competitors may have similar products, a product differentiation strategy that focuses on the quality or design differences which other products do not have allows brands to attain a competitive advantage in the market, as customers view the product as unique" (Kelchner). The successful implementation of the product differentiation strategy allows brands to also cultivate brand equity, positive brand recognition, and brand growth. Moreover, brands can attain profit maximization when they are able to successfully distinguish themselves from their competitors and offer services and products that customers are willing to pay top dollar for based on perceived value and uniqueness. The utilization of the product differentiation strategy has allowed many companies to financially flourish, such as Apple and Microsoft. Internet marketing tactics, such as posting video content onto social media websites that flaunt the unique product lines and sending out email blasts that highlight the merits of the products, can be employed to help brands facilitate the successful implementation of the product differentiation strategy in foreign markets.

Product Differentiation In Terms Of Packaging Presentation Advertising Trade Marks Etc

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Author : Jules Stuyck
language : en
Publisher: Springer
Release Date : 2013-12-11

Product Differentiation In Terms Of Packaging Presentation Advertising Trade Marks Etc written by Jules Stuyck and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-11 with Law categories.

With consumer goods, as weil as consumer durables, the market is obscured because of product differentiation, in for example, the use, of trade marks, and the advertising and get-up of products, and this presents arealproblern in the protection of consumers. After a general demarcation of the forms, techniques and functions of product differentiation, an investigation is made into the correlation between the law and product differentiation; first, regarding pharmaceutical products and, then, though only by way of reconnaissance, for foodstuffs and cosmetics. Both in the general descriptive part and in the parts dealing with various sectors, attention is also paid to product differentiation as a source of the geographical division of markets. In a later chapter, certain general Observations on the law and socially undesirable product differentiation are developed. Here special attention is paid to trade mark law and regulations relating to misleading and dishonest advertising. The survey shows that, in the light of the existing economic model, improved consumer protection against the representation of product differ ences which hardly exist, can best be effected by means of regulations and other initiatives concerned with the supply of information, such as labelling requirements. September 1981 Dr. Jules Stuyck IX Table of Contents The first figure indicates the subsection number and the second figure the page number.

Different Rules

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Author : CHRIS. WIRTHWEIN
language : en
Publisher:
Release Date : 2022-05-03

Different Rules written by CHRIS. WIRTHWEIN and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-05-03 with categories.

To win in B2B marketing, play by Different Rules Ready to differentiate? This book shows you how . . .Most B2B marketing advice today covers familiar concepts-SEO, PPC, lead generation, digital, social and content marketing. Of course, success depends on how well marketers enhance these tools with original, unique, differentiating ideas. So, the real question becomes: Where can marketers learn the rules for how to create differentiation for B2B products? The answer: Different Rules.Learn the rules: Different Rules. Because in B2B marketing, differentiation rules.Filled with practical, ready-to-apply lessons, Different Rules reveals tested concepts, real-world examples and an all-new way to differentiate any B2B product in any B2B market. The only guidebook of its kind for B2B, Different Rules delivers both practical ideas and creative inspiration. Step-by-step, it teaches surprisingly simple and potent methods that can build markets, transform industries and power personal success.

Importance Of Differentiation An Investigation Into The Effectiveness Of Differentiation Main Tools And The Features That Make A Product Unique

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Author : Ivana Vilotic
language : en
Publisher: GRIN Verlag
Release Date : 2015-12-16

Importance Of Differentiation An Investigation Into The Effectiveness Of Differentiation Main Tools And The Features That Make A Product Unique written by Ivana Vilotic and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-16 with Business & Economics categories.

Diploma Thesis from the year 2011 in the subject Business economics - Offline Marketing and Online Marketing, International University of Applied Sciences, language: English, abstract: This paper analyzes the effectiveness of differentiation and the strategy’s main instruments to further refer them to the exploration of the uniqueness of cruise tourism product features, and best case procedures regarding effective differentiation strategies in tourism sectors. Having used the combination of primary and secondary sources, the research concludes that differentiation is regarded as an effective marketing tool, preventing competition exclusively based on a product’s price. It is reported that, as products converge in terms of their features, the creation of a USP becomes more essential. Different levels of a product unveil various possibilities for differentiation; and it is suggested that branding and positioning are used as applicable differentiation instruments. Although differentiation based on the core product is found out to be a common way of distinguishing cruise line products, differentiating through value added features and the product’s service component are used more frequently. The findings further reveal that marketing principles are used to differentiate tourism products. Due to the tourism industry’s ‘me-too’ market nature, branding is considered to be a valuable soft differentiation tool. Market research, brand awareness measurement, and conjoint-analyses are useful means for quantifying the product in the eyes of the customer; additionally, pricing and conditions systems can differentiate a tour operator’s product in due consideration of booking periods and the number of participants.

Discrete Choice Theory Of Product Differentiation

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Author : Simon P. Anderson
language : en
Publisher: MIT Press
Release Date : 1992

Discrete Choice Theory Of Product Differentiation written by Simon P. Anderson and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.

"The discrete choice approach provides an ideal framework for describing the demands for differentiated products and can be used for studying most product differentiation models in the literature. By introducing extra dimensions of product heterogeneity, the framework also provides richer models of firm location and product selection."--BOOK JACKET.

Product Differentiation And Market Segmentation Of Information Goods

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Author : Barrie R. Nault
language : en
Publisher:
Release Date : 2006

Product Differentiation And Market Segmentation Of Information Goods written by Barrie R. Nault and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Large sunk costs of development, negligible costs of reproduction and distribution and substantial economies of scale make information goods distinct from physical goods. Consequently,how to take advantage of the specific characteristics of information goods is an important managerial problem. Price discrimination and product differentiation are common ways this issue has been addressed. In previous literature, vertical differentiation and related pricing strategies have been researched in contexts such as nonlinear utility functions,network externalities, competition and anti-piracy. Little attention has been paid to the relationship between market segmentation and product differentiation. In this paper, we emphasize the interaction of market segmentation and product differentiation as we believe that any product differentiation must be based on existing market segmentation. In our model, we treat vertical differentiation as a special case of horizontal differentiation, and we model the interaction between different market segments showing the differences in product differentiation strategies when moving from horizontal to vertical differentiation. We find that it is always sub-optimal to differentiate information goods if the market is not fully differentiated or if characteristics of the information goods are not specifically designed for certain market segments. We divide characteristics of information goods into four categories according to the ease of differentiation and design guidelines for firms to differentiate their goods based on these characteristics. We further provide guidance on whether to merge one or several versions when costs for versioning information goods are significant.

Competition In Marketing

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Author : Vera Magin
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-12-27

Competition In Marketing written by Vera Magin and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-27 with Business & Economics categories.

In her first essay Vera Magin uses primary experimental data to explore the effects of information on marketing decisions, performance, and competition. In the second essay she discusses several approaches to measure product differentiation in spatial contexts.

Product Differentiation And Operations Strategy For Price And Time Sensitive Markets

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Author : Sachin Jayaswal
language : en
Publisher:
Release Date : 2009

Product Differentiation And Operations Strategy For Price And Time Sensitive Markets written by Sachin Jayaswal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

In this dissertation, we study the interplay between a firm's operations strategy, with regard to its capacity management, and its marketing decision of product differentiation. For this, we study a market comprising heterogeneous customers who differ in their preferences for time and price. Time sensitive customers are willing to pay a price premium for a shorter delivery time, while price sensitive customers are willing to accept a longer delivery time in return for a lower price. Firms exploit this heterogeneity in customers' preferences, and offer a menu of products/services that differ only in their guaranteed delivery times and prices. From demand perspective, when customers are allowed to self-select according to their preferences, different products act as substitutes, affecting each other's demand. Customized product for each segment, on the other hand, results in independent demand for each product. On the supply side, a firm may either share the same processing capacity to serve the two market segments, or may dicate capacity for each segment. Our objective is to understand the interaction between product substitution and the firm's operations strategy (dedicated versus shared capacity), and how they shape the optimal product differentiation strategy. To address the above issue, we first study this problem for a single monopolist firm, which offers two versions of the same basic product: (i) regular product at a lower price but with a longer delivery time, and (ii) express product at a higher price but with a shorter delivery time. Demand for each product arrives according to a Poisson process with a rate that depends both on its price and delivery time. In addition, if the products are substitutable, each product's demand is also influenced by the price and delivery time of the other product. Demands within each category are served on a first-come-first-serve basis. However, customers for express product are always given priority over the other category when they are served using shared resources. There is a standard delivery time for the regular product, and the firm's objective is to appropriately price the two products and select the express delivery time so as to maximize its profit rate. The firm simultaneously needs to decide its installed processing capacity so as to meet its promised delivery times with a high degree of reliability. While the problem in a dedicated capacity setting is solved analytically, the same becomes very challenging in a shared capacity setting, especially in the absence of an analytical characterization of the delivery time distribution of regular customers in a priority queue. We develop a solution algorithm, using matrix geometric method in a cutting plane framework, to solve the problem numerically in a shared capacity setting. Our study shows that in a highly capacitated system, if the firm decides to move from a dedicated to a shared capacity setting, it will need to offer more differentiated products, whether the products are substitutable or not. In contrast, when customers are allowed to self-select, such that independent products become substitutable, a more homogeneous pricing scheme results. However, the effect of substitution on optimal delivery time differentiation depends on the firm's capacity strategy and cost, as well as market characteristics. The optimal response to any change in capacity cost also depends on the firm's operations strategy. In a dedicated capacity scenario, the optimal response to an increase in capacity cost is always to offer more homogeneous prices and delivery times. In a shared capacity setting, it is again optimal to quote more homogeneous delivery times, but increase or decrease the price differentiation depending on whether the status-quo capacity cost is high or low, respectively. We demonstrate that the above results are corroborated by real-life practices, and provide a number of managerial implications in terms of dealing with issues like volatile fuel prices. We further extend our study to a competitive setting with two firms, each of which may either share its processing capacities for the two products, or may dedicate capacity for each product. The demand faced by each firm for a given product now also depends on the price and delivery time quoted for the same product by the other firm. We observe that the qualitative results of a monopolistic setting also extend to a competitive setting. Specifically, in a highly capacitated system, the equilibrium prices and delivery times are such that they result in more differentiated products when both the firms use shared capacities as compared to the scenario when both the firms use dedicated capacities. When the competing firms are asymmetric, they exploit their distinctive characteristics to differentiate their products. Further, the effects of these asymmetries also depend on the capacity strategy used by the competing firms. Our numerical results suggest that the firm with expensive capacity always offers more homogeneous delivery times. However, its decision on how to differentiate its prices depends on the capacity setting of the two firms as well as the actual level of their capacity costs. On the other hand, the firm with a larger market base always offers more differentiated prices as well as delivery times, irrespective of the capacity setting of the competing firms.

Price And Quality

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Author : Jonas Häckner
language : en
Publisher:
Release Date : 1993

Price And Quality written by Jonas Häckner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.