Skip to main content

How to differentiate your products

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Products are goods or services provided by a business in exchange for money. A business can either apply a low cost strategy or a differentiation strategy. However, some other companies apply both strategy. I am going to write about the differentiation strategy today. The question is how do you differentiate your products successfully. Differentiating a product is all about making it unique, as such some attributes of your products might not be obtained anywhere else. A product can be differentiated by providing complementary services for example a business that sells make up products (halal make-up products) can offer to give their customers free facials once or twice. A business that sells technological products can also offer free repair services as a form of differentiation. The performance and features can also be used to differentiate the products, the location of your business can also be a form of differentiation, like can customers have easier assess to your products when compared to other companies, the technology used in a product can serve as a form of differentiation.

The product must exude intergrity for its differentiation strategy to be successful. The way product integrity is achieved is through consistency of the differentiation. Competitors may imitate differentiation, as such business owners must always develop their products to ensure that they keep their differentiation advantage. A business that has adopted the differentiation strategy must provide products of high quality, if you are manufaturing goods use high quality ingredients. I wrote about packaging in a previous post, the way you package your products will also have an effect on how potential and existing customers will perceive it. Information about the qualities and characteristics must be communicated to customers effectively and efficiently cause that is the way your product differentiation will become effective. Everything should be done for the sake of Allah. Everything happens according to the will of Allah. Your business should be halal.

Halal means anything lawful Islamically.

Comments

Post a Comment

Popular posts from this blog

How can your strategy be successful

Hello readers, today I will be telling you about ways to make your strategy a successful one. The scope is your strategy must be fit, in other words your strategy must be consistent with the environment your business operates in. When I say environment, I am talking about both external and internal environments. Thus, you must understand the political, economic, socio-cultural, technological and legal environments your business operates in. The environmental protection that affects your organisation must also influence you when formulating your strategy. Therefore, PESTEL analysis can be used to understand the external environment of your business. The internal environment also needs to be understood, as your strategy must also be in alignment with the internal environment. Understanding your internal environment will help you know the resources your business has, the capabilities of your business as well as the structure and system. The SWOT analysis can be used to help y...
Post a Comment
Read more

The Istikharah Prayer

Hello readers , today I will be telling you about the Istikharah prayer. It is a prayer of guidance. When you want to make a major decision in your life, it is best you seek Allah's guidance. You should always pray to Allah to guide you through the right path in your daily activities. Istikharah prayer is recommended for a major decision such as getting married, starting a business and others. How do you perform the Istikhara prayer? Make two rakats (Nafila). During your first rakat, after reciting Surat Fatiha recite Surat Ikhlas, during your second rakat  after reciting Surat Fatiha recite Surat Kaafirun. After saying Asalam Alaykum Waramatullahi to the right and then the left recite this: "Allahumma inni astakhiruka bi-ilmika wa astaqdiruka biqudra-tika, wa as'aluka min fadlikal Azeemi fainnaka taqdiru wa la aqdiru, wa ta'lamu wa la a'alamu, wa Anta Allamul-Ghuyubi, Allahum-ma in kunta ta'lamu anna  [then mention the thing to be decided] khairun ...
Post a Comment
Read more

How to Make Money from Gold

We used to operate in a gold standard system in the past, it is common knowledge that we presently operate in a dollar based system.  A system where each country measures the value of its currency against the dollar for the dollar based system and the gold for the gold standard system. The gold used to be a yardstick for measuring the value of a currency, although it is no longer used to measure the value of currencies these days, it has maintained it's prestigious value. Gold a very valuable metal, its prices depreciates at times and appreciates other times, but looking at its trend over 100 years, the prices have always appreciated over 10 years or above. From 2006 to 2015, the gold price per ounce appreciated by 200%, while from 2002 to 2015 it appreciated by 300%. So Long term investors go ahead and purchase gold. You must always pay zakat on the value of your gold when it reaches the nisab which is 87.48 grammes. However, you can give charity (sadaqa) from it. Alla...
Post a Comment
Read more