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According to Michael Porter, a strategy that aims at producing products and services considered unique industry wide and directed at consumers who are relatively price-insensitive is known as
  • a)
    Cost Leadership - Best Value
  • b)
    Differentiation
  • c)
    Focus - Low Cost
  • d)
    Focus - Best Value
Correct answer is option 'B'. Can you explain this answer?
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According to Michael Porter, a strategy that aims at producing product...
According to Michael Porter, a strategy that aims at producing products and services considered unique industry wide and directed at consumers who are relatively price-insensitive is known as Differentiation.
Product differentiation goes hand-in-hand with developing a strong value proposition to make a product or service attractive to a target market or audience. If successful, product differentiation can create a competitive advantage for the product's seller and ultimately build brand awareness. Examples of differentiated products might include the fastest high-speed internet service or the most gas-efficient electric vehicle in the market today.
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According to Michael Porter, a strategy that aims at producing product...
According to Michael Porter, a strategy that aims at producing products and services considered unique industry wide and directed at consumers who are relatively price-insensitive is known as Differentiation.
Product differentiation goes hand-in-hand with developing a strong value proposition to make a product or service attractive to a target market or audience. If successful, product differentiation can create a competitive advantage for the product's seller and ultimately build brand awareness. Examples of differentiated products might include the fastest high-speed internet service or the most gas-efficient electric vehicle in the market today.
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According to Michael Porter, a strategy that aims at producing products and services considered unique industry wide and directed at consumers who are relatively price-insensitive is known asa)Cost Leadership - Best Valueb)Differentiationc)Focus - Low Costd)Focus - Best ValueCorrect answer is option 'B'. Can you explain this answer?
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