Business – 3.3 The marketing mix – Elements of the marketing mix | e-Consult
3.3 The marketing mix – Elements of the marketing mix (1 questions)
Login to see all questions.
Click on a question to view the answer
A company can achieve competitive advantage through product decisions that create perceived value and differentiation for customers. Two common approaches are:
- Product innovation: Introducing new features or technologies that competitors do not offer, such as a smartphone with a foldable screen, which can attract early adopters and command a premium price.
- Branding and packaging: Developing a strong brand identity and distinctive packaging, for example, a luxury chocolate brand using elegant, recyclable packaging that signals quality and sustainability, encouraging repeat purchases.
Both strategies enhance the product’s uniqueness, allowing the firm to charge higher prices, build customer loyalty, and reduce price sensitivity.