Types of Product and Services Strategy That Is Often Adopted By Firms.

 Let’s break down these product and service strategies clearly:

1. Differentiated Strategy (Get's the job done better, offered at a higher price point):

   • In this approach, a company focuses on improving the quality or performance of its product or service. The higher quality justifies a premium price. Consumers pay more because they perceive added value. For example, Apple iPhones are often seen as superior in design and technology compared to lower-priced alternatives, hence the higher price.

2. Dominant Strategy (Get's the job done better, offered at a lower price point):

   • This strategy focuses on outperforming competitors in terms of both quality and price. The company delivers a superior product but at a lower cost, which can attract a large customer base and increase market share quickly. Xiaomi, for instance, offers feature-rich smartphones at affordable prices, making it a dominant player in some markets.

3. Disruptive Strategy (Get's the job done worse, offered at a lower price point):

   • This involves creating a product that may not match current offerings in quality but is significantly cheaper. Over time, this product can evolve and potentially disrupt the market by appealing to price-sensitive customers. Think of early Netflix or budget airlines like Ryanair—offering less comfort but at a fraction of traditional prices, thereby shaking up established industries.

4. Discreet Strategy (Get's the job done worse, offered at a higher price point):

   • This approach is rare and often unsuccessful. A company offers an inferior product but still charges a higher price, usually relying on niche appeal, branding, or exclusivity. While it's not a common long-term strategy, some luxury brands have used this tactic by leveraging brand value over actual quality improvements.

5. Sustaining Strategy (Get's the job done no better or worse, and at the same price point):

   • This is about maintaining the status quo. The company doesn’t significantly improve or degrade the product or service, and the price remains stable. It's about keeping loyal customers satisfied without altering the core offering. Coca-Cola, for instance, maintains its product with little innovation but stays competitive due to brand loyalty.

Each of these strategies aligns with different market conditions and customer needs, and understanding which strategy to employ depends on a company’s goals and competitive landscape.