1.2.4 competitive environment

• What are ways to compete with competitors?

  Wider product range,

  Better customer service,

  Stronger brand image,

  More convenient location,

  Higher quality,

  Better design,

  Lower prices,

  USP
• What’s differentiation?

  Making a product different from competitors
• How does product differentiation help a business?

  To position their products and target different market segments,

  To gain an advantage over rivals when faced with competition

  -> it allows consumers to clearly see that their needs are being met more effectively by one product than by another