market-differentiation

Vocabulary Word

Definition

Market differentiation is a marketing strategy. It's about making your product or service seem different and better than others like it. It's like being the only shop in town that sells purple hats.

Examples in Different Contexts

In marketing strategy, 'market differentiation' refers to the process of distinguishing a product or service from others in the market to attract customers. A marketing strategist might state, 'Our market differentiation strategy focuses on quality and innovation to stand out from competitors.'

Practice Scenarios

Business

Scenario:

We need to improve our business's perceived value to gain an upper hand over competitors.

Response:

Creating market differentiation through our premium pricing could reinforce our brand's status.

Design

Scenario:

We need to redefine our design strategy to make our product visually distinguishable.

Response:

Adopting a unique design language will definitely create the market differentiation we need.