Question

With a(n) __________ strategy, the organization attempts to develop innovative products unique to the market.

Answer 1

With a(n) Differentiation strategy, the organization attempts to develop innovative products unique to the market.

What is  Differentiation strategy?

Your differentiation strategy is how you distinguish your company from otherwise similar competitors in the market. Typically, it entails emphasizing a significant distinction between you and your competition. And your potential clients must value that distinction.

It gives higher value to your customers and helps your organization stand out in the industry. As a result, the primary goal of any differentiation plan is to strengthen your company's competitive edge.

In contrast to cost leadership, the differentiation strategy enables businesses to adopt a creative approach to their products while charging premium rates. Starbucks, for example, goes beyond simply selling coffee by offering a distinctive coffee experience at their coffeehouses.

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