Answer to Question 1
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Answer to Question 2
A differentiation strategy is one in which a company designs its products to be perceived as unique by buyers throughout its industry. The perception of uniqueness can allow a company to charge a higher price and enjoy greater customer loyalty than it could as a low-cost leader. But a perception of exclusivity, or meeting the needs of a small group of buyers, tends to force a company into a lower market-share position. A company using this strategy must develop a loyal customer base to offset its smaller market share and higher costs of producing and marketing a unique product.
One way products can be differentiated is by improving their reputation for quality. Ceramic tableware for everyday use is found at department stores in almost every country. But the ceramic tableware made by Japanese producer Noritake differentiates itself from common tableware by emphasizing its superior quality. The perception of higher quality allows manufacturers to charge higher prices for their products worldwide.
Other products are differentiated by distinctive brand images. Armani and DKNY, for example, are relatively pricey global clothing labels appealing to a young, fashionable clientele. Each is continually introducing new textures and colors that are at once stylish and functional. Another example is Italian carmaker Alfa Romeo, which does not compete in the fiercely competitive mass-consumer segment of the global automobile industry. If it were to do so, it would have to be price-competitive and offer a wider selection of cars. Instead, Alfa Romeo offers a high-quality product with a brand image that rewards the Alfa Romeo owner with status and prestige.
Another differentiating factor is product designthe sum of the features by which a product looks and functions according to customer requirements. Special features differentiate both goods and services in the minds of consumers who value those features. Manufacturers can also combine several differentiation factors in formulating their strategies.
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