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Differentiation is a concept used in business strategy and describes one of the three ways to establish the competitive advantage Differentiation advantage occurs when a firm delivers greater services for the same price of its competitors. They are collectively known as positional advantages because they denote the firm's position in its industry as a leader in either superior services or cost. [1] Product differentiation is what allows firms in monopolistic competition (a market structure) to sell their products at different prices, even though they are essentially the same.
See also
References
- ^ Michael E. Porter. On Competition. Harvard Business Review, Boston, 1998, p.40-42.
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