Business Tip: Innovation & Product Differentiation
Good Morning Welcome to #AdventureBusinessTip! today…
There are 4 generic ways of building competitive advantage in your market
Cost reduction, Product Differentiation, Innovation, & Operational Effectiveness.
If you do not envisage any possible advantage over your competitors in Cost Reduction or Operational Effectiveness then the following two are your way to beating the market.
1. Innovation: making sure your technology or products bring something NEW, INTERESTING & USEFUL into the market and/or
2. Product/Service Differentiation: observing the market and identifying and adopting a unique style of business, product or service (a selling point) that sets the company apart and is attractive to the target market.
I hope you got an edge today! Stay on top of business, and look out for the next tip on Monday!