Irrespective of the industry, customers will not choose a particular product merely based on the price, nonetheless often on quality. According to some studies, customers are willing to pay a higher price for a product or service if they consider it as a well-made product that surpasses the quality standards.
Companies want to attain competitiveness with differentiation. This happens when there are distinctive qualities in a product that can not be imitated by rivals. A distinctive product can be patented in order to avoid other companies from replicating it for almost 20 years. This would mean that a company can sustain its competitive advantage for a long time.
Companies want to attain competitiveness with differentiation. This happens when there are distinctive qualities in a product that can not be imitated by rivals. A distinctive product can be patented in order to avoid other companies from replicating it for almost 20 years. This would mean that a company can sustain its competitive advantage for a long time.
Show More
