product design, product quality, promotion, customer service, economies of sales, ethicalstance, focusing on a particular segment of the market
product differentiation
it creates a unique identity for the product. USP. It is supposed to to distinguish competitor product
purpose of product differentiation
To insulate the product/service. Being able to raise it prices or have flexible pricing. Gaining recognition on the market place. Brand development is a business which can develop a strong brand.
adding value to product and service
they take inputs and through processes transform these into more valuable output. Added value is the difference between the price paid and the total cost of the input needed to create product.
ways added value
bundling- companies putting all productsintooneunit, customer service, packaging-attractivewrapping.
advantages of Mayos theory
Improved job satisfaction as workers feel valued and supported
Increased productivity as workers value open and honest communication which reduces misunderstandings and conflicts
Better communication increases worker's sense of ownership and responsibility
Employee empowerment as there is a sense of community and team spirit
Stronger teams
disadvantage of mayo's theory
Time-consuming as building positive relationships requires time and effort
Lack of control as workers take more decisions
Resistance to change as some workers and managers may be resistant to the changes required by Mayo's theory
Potential for conflict as attempts to build stronger relationships can also lead to conflicts and disagreements
Limited applicability as it may not work for businesses which require a high degree of individual autonomy and independence
