Reference no: EM133274492

Assignment:

• Either suggest how the various implementation ideas could be aligned or supplemented to ensure strategic alignment. Or comment on the potential challenges associated with implementing such strategies below.

A differentiation strategy offers a company a way to distinguish itself in the market, without lowering costs and keeping a competitive advantage. Using a differentiation strategy will move the company to analyze its strengths and weaknesses, and to deeply understand customers, so they can provide a product or service that is unique and creates value. Differentiation can also lead to further loyalty by customers, allowing prices to remain high, and feedback from these loyal customers can provide insights into alterations or further innovation down the line. 

One way a company can implement differentiation is by creating a brand. Part of creating a brand will include telling a unique story of how the business got its start. The story can reiterate the company's mission, vision, and values to not only get the attention of the target audience but to recruit potential talent. Companies such as Tom's and Burt's Bee's set themselves apart by creating a unique brand, values, and vision with their storytelling. Stories connect to consumers emotionally and are a great way to build a loyal customer base. 

Another way a company can use differentiation is by researching and interacting with its target market. Surveys, interviews, product feedback, and open communication with consumers on social media are all great methods to build relationships with customers to collect data about what they really want. They can provide new insight and direction about how to make products better, or provide different products or services that the customer wants. 

Finally, a company can use differentiation to take a step back and look at the company as a whole and see what needs to be different. The products and services are not the only things that need to be unique. Differentiation can happen within the company in the supply chain to become more efficient and effective. The product messaging, marketing, or retail experience can be unique. Similarly, differentiation can lead to unique methods of dealing with products at their end of life, maybe there is an option for returns or upgrades rather than disposing of the products.