Retailers Are Facing Increasing Competition from Other Manufacturer-To-Consumer Distribution Channels

question 94

Essay

Retailers are facing increasing competition from other manufacturer-to-consumer distribution channels.A retailer must develop a product-differentiation strategy.The author suggests seven product-differentiation strategies.List and explain these seven.

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Definitions:

Product Design

The process of crafting the appearance and functionality of a product to make it attractive and useful to consumers.

Continuous Improvement

An ongoing effort to improve products, services, or processes by making incremental improvements over time, or sudden improvements all at once.

Cost Savings

Represents the actions that reduce expenses or costs within an organization in order to improve profitability without compromising the quality of products or services.

Cost Overrides

Expenses that exceed the original budget allocations for projects or initiatives.