Answer to Question #168639 in Marketing for mica hyzel

Question

is it possible for a product with no distinct differentiating feature to be successful in the market?

Answer 1

Discussion

Product differentiation is the process by which the market sets particular standards for products and consumers can differentiate them. For example, a brand like Amazon is identified because of its name and because of its brand. Back to analysis, a product without a distinct differentiating characteristic cannot survive in the current market of competition. A product that fails to have a name that stands out from the rest then is likely to fail. There are specific advantages that such a product misses. The first one is the fact that branding will help the product to stand out. In his discussion with a friend about the success of a new product in the market, Sorin (et al, 2018) clarified that market is saturated with products of all kinds. He added that a brand that stands out offers quality and one that is new in the market. Branding also helps to give product credibility. For example, when talking about sportswear, Nike comes to mind. When discussing ladies' wear, Victoria's secrets come to mind. Such a brand is credible, and people buy because of the image that it has created. Generally, the companies get to charge the money that they are worth. That's why in brands like Nike, most customers do not worry much about the price, but they worry about the product itself, (Sorin et al, 2018).

Branding creates a large customer base. For example, a product like Nike has had customers that only wear Nike, and these customers refer the products to others which increases the customer base. When a product has no name, however, it is bound to make significant losses because customers are not loyal to the brand. Branding also helps to attract the customers that are ideal for buying the specific products. For example, Victoria's Secret attracts women all over the world to buy from them. Such a brand has consistent customers who always buy specific goods from them (Sorin et al, 2018).

A product without a brand is a product with no direction, and it cannot make it in the market. A product first needs to have a specific identification that sets it apart from the rest of the products. Secondly, it should be able to reach its specific customers or target market through the brand. It is for this reason that a product should establish strong links and also build trust for the ideal clients. The product, therefore, needs to have a brand name, and it should also stand out from the rest to make it more visible. The market is highly saturated with different types of brands, and it is very crucial to have something that stands out.

In conclusion, a product without a distinct differentiating feature cannot survive in the market. The market has many products and most of which are defined by their feature. A brand is created when a product has a distinct feature that sets it apart from the rest. Such a product is likely to decline significantly.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reference

Sorin, E., Bobo, L., & Pinson, P. (2018). Consensus-based approach to peer-to-peer electricity markets with product differentiation. IEEE Transactions on Power Systems, 34(2), 994-1004.