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Differentiation Strategy: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

_____ is when a company develops a plan to offer a unique product to attract customers from the competition.

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1. Which of the following is a pro of differentiation strategy?

2. Which of the following is not associated with differentiation strategy?

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About This Quiz & Worksheet

This quiz/worksheet combo can be used to gauge your knowledge about business strategies for developing compelling products that steer consumers away from competitors. In order to pass the quiz, you will need to know the phrase used for that business plan and its characteristics, as well as the pros and cons of using the approach in a business.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • The term or phrase for developing a plan to offer a unique product to attract customers from the competition
  • Pros and cons of drawing customers away from competition by offering a competitive product or service
  • The price of goods and services that are used in a successful business plan like the one discussed in the lesson
  • A characteristic of the plan used to deter consumers away from competition with products that are highly wanted and needed

Skills Practiced

This worksheet and quiz let you practice the following skills:

  • Defining key concepts - ensure that you can accurately identify vocabulary such as the phrase used for a company's plan to offer a unique product to gain customers
  • Knowledge application - use your knowledge of differentiation strategy to answer a question about the price of goods and services with a successful differentiation strategy
  • Making connections - use understanding of the concept of differentiation strategy to answer questions about its characteristics, pros and cons

Additional Learning

To learn further about differentiation strategy, check out the corresponding lesson called Differentiation Strategy: Definition & Examples. This lesson covers the following objectives:

  • Define differentiation strategy
  • Identify several characteristics of differentiation strategy, including conducting research, using creative personnel, utilizing sales teams and having a strong reputation
  • Explore the pros and cons of differentiation strategy
  • Understand an example of differentiation strategy in a business
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