The Business Book by DK

Author:DK
Language: eng
Format: epub
ISBN: 9781465438386
Publisher: DK Publishing

A company that pursues a differentiation strategy has to make markedly different products or services from competitors, so they have greater appeal to consumers. This strategy is more appropriate in markets where products are not price sensitive, and customers’ needs are typically underserved. It also means being able to satisfy those needs in ways that are difficult to copy.

Bose Systems is a company that pursues a differentiation strategy. A privately owned US audio electronics company, it consistently reinvests profits to fund innovation. Customer-focused research has led to Bose’s dominant position; their noise-canceling headphones and stylish speakers have become aspirational items.

The approach to differentiation will vary according to the products and services, and the nature of the particular industry, but typically involves additional features and functionality, enhanced durability, and better customer service. Companies that choose to pursue this strategy require certain fundamentals in place, including good research and development, an innovative culture, and the ability to deliver consistently high-quality products or services. This needs to be supported by effective marketing, so that the differentiation is positioned and communicated to customers. Brand image is integral, and is often strengthened by the nature of the differentiation.

Bose Systems is an audio specialist that pursues a differentiation strategy. It distinguishes itself from competitors through research and development, which results in innovative technology.

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