Wednesday, September 11, 2019
Differentiation in the Oil Marketers in the United Kingdom Essay
Differentiation in the Oil Marketers in the United Kingdom - Essay Example From this paper it is clear thatÃ in economics and marketing, it is normally assumed that both product differentiation and value addition plays a significant function in competitive advantages of the product. The goal of any venture particular amongst companies that produce closely related products (substitutes), in theory, must align themselves with added value and product differentiation so as to achieve competitive advantages. Adding value to a product superficial meaning refers to the situation where a product(s) have advantages attached to them while product differentiation refers to the effort by a company to separate (sic) its products from those of close competitors.This discussion highlights thatÃ value addition and product differentiation is awash with varying number of literature items written and studied on them, particularly in business and in economics. It is always important to establish a meaning to a concept before researching or studying such concepts. Often thi s is not followed as most writers work on a topic and later fall folly of a weak comprehension of the concept they are writing about.Ã A number of factors seemly play important roles during the different stages in the consumption process of a product, and in recent years brands, consumer values, customer satisfaction and service quality have incorporated into the package of value addition.Ã Product differentiation offers consumers a variety of products within a specific industry instead of a monotonous product that describes purely competitive markets.