ENTREPRENEURSHIP

Detailed explanation-1: -A differentiation strategy is an approach businesses develop by providing customers with something unique, different and distinct from items their competitors may offer in the marketplace. The main objective of implementing a differentiation strategy is to increase competitive advantage.

Detailed explanation-2: -Several different factors can differentiate a product. However, there are three main categories of product differentiation. These include horizontal differentiation, vertical differentiation, and mixed differentiation.

Detailed explanation-3: -Differentiation strategy involves capitalizing on your brand’s uniqueness to gain a competitive advantage in a saturated market. Your plan might involve offering a low-cost substitute for a popular product or service, a cheeky digital marketing strategy, or a combination of features.