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Product differentiation. In economics and marketing, product differentiation (or simply differentiation) is the process of distinguishing a product or service from others to make it more attractive to a particular target market. This involves differentiating it from competitors ' products as well as from a firm's other products.
Diversification (marketing strategy) Diversification is a corporate strategy to enter into or start new products or product lines, new services or new markets, involving substantially different skills, technology and knowledge. Diversification is one of the four main growth strategies defined by Igor Ansoff in the Ansoff Matrix: [1] Products.
Related diversification: there is a relationship and, therefore, potential synergy, between the firms in existing business and the new product/market space. Concentric diversification, and (b) Vertical integration. [clarification needed] Unrelated diversification, otherwise termed "conglomerate growth" because the resulting corporation is a ...
Economies of scope. Economies of scope are "efficiencies formed by variety, not volume" (the latter concept is "economies of scale"). [1] In economics, "economies" is synonymous with cost savings and "scope" is synonymous with broadening production/services through diversified products. Economies of scope is an economic theory stating that ...
e. In microeconomics, management and international political economy, vertical integration is an arrangement in which the supply chain of a company is integrated and owned by that company. Usually each member of the supply chain produces a different product or (market-specific) service, and the products combine to satisfy a common need. [1]
Product proliferation occurs when organizations market many variations of the same products. This can be done through different colour combinations, product sizes and different product uses. This produces diversity for the firm as it is able to capture its sizable portion of the market. However, it can also be considered that marketing so many ...
Market development (new markets, existing products): Apple introduced the iPhone in a developed cell phone market. Diversification (new markets, new products): Market penetration refers to the successful selling of a product or service in a specific market, and it is a measure of the amount of sales volume of an existing good or service ...
Definition and brief explanation. Market segmentation is the process of dividing up mass markets into groups with similar needs and wants. The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for ...