A focused differentiation strategy aims at securing competitive advantage by
A)providing niche members with a top-of-the-line product at a premium price.
B)catering to buyers looking for an upscale product at an attractively low price.
C)offering a product carefully designed to appeal to the unique preferences and needs of a narrow, well-defined group of buyers.
D)developing product attributes that no other company in the industry has.
E)convincing a narrow, well-defined group of buyers that the company has a truly world-class product.

Question

Quizplus · Accepted Answer

A focused differentiation strategy is all about offering a product that is designed to meet the unique preferences and needs of a narrow, specific group of buyers. This group could be defined in terms of geography, culture, interests, or any other factors that set them apart from the broader market. The goal is to create a product that is highly valued by this group and differentiates itself from other offerings in the market. By doing so, the company can secure a competitive advantage and charge a premium price for their product. Option A also touches on this strategy, but option C is a more accurate and precise description. Options B, D, and E do not align with the characteristics of a focused differentiation strategy.

A Focused Differentiation Strategy Aims at Securing Competitive Advantage by