Every business competes for additional revenue and increased market share. With few exceptions, most of the products and services they offer are undifferentiated and are easily replaced with other substitutes from rival competitors. This commoditization puts businesses at a disadvantage and many resort to competing on price rather than quality or other distinguishing features/benefits.
- Identify and discuss at least one specific market segment that a well-known brand targets.
- Identify and discuss an example of consumer (B2C) or industrial (B2B) products/services that have become commoditized.
- Other than becoming the lowest cost provider, how can a business differentiate their offerings?
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