Published by:
Harvard Business Publishing
Length: 3 pages
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Abstract
For commodity products and services, price seems to be the only way to remain competitive in the marketplace. However, price-based competition can quickly lead to a decline in profitability, and can affect the quality of the goods and services we consume. In order to combat this decline, many companies are looking at new ways to differentiate themselves: designing new product features, improving product delivery, building brand recognition and image, understanding what the customer wants, and reaching outside their industry for creative ideas. This article examines the efforts of Granite Rock Co., a producer of construction materials, and EnergyOne, a utilities supplier, who each used the preceding strategies to differentiate themselves in the marketplace, thereby creating a demand for their products and services, and creating growth within their industries.
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Abstract
For commodity products and services, price seems to be the only way to remain competitive in the marketplace. However, price-based competition can quickly lead to a decline in profitability, and can affect the quality of the goods and services we consume. In order to combat this decline, many companies are looking at new ways to differentiate themselves: designing new product features, improving product delivery, building brand recognition and image, understanding what the customer wants, and reaching outside their industry for creative ideas. This article examines the efforts of Granite Rock Co., a producer of construction materials, and EnergyOne, a utilities supplier, who each used the preceding strategies to differentiate themselves in the marketplace, thereby creating a demand for their products and services, and creating growth within their industries.