Define differentiation. Evaluate a business’s differentiation opportunities using skills, resources and organizational requirements. What potential risks managers must take into account as they evaluate the differentiation – based advantages?

Differentiation in business refers to offering the product or service which is unique and different from others.
To be successful in business it is very important to differentiate your products from your competitors. Having the right marketing skills is one of the major skills that the business can posses. Maketing is a way to create a unique image in the minds of the customers. One example of having a great marketing strategy is Apple inc. Apple has marketed its products in such a way which has taken the world by storm. Apple knows well to hit the customers at the right spot which will want them buy their products to look trendy. To make them different Apple has developed a separate operating system known as IOS which apple has promised to be fastet and virus free. All these marketing skills have influnced customers to buy their product and spend good amount of money.
To differentiate its products it is also important for a company to focus on the research and developement area. A good markering research provides a company good competitive edge over its competitors. An example of this would be starbucks Corp which has done this by researching on so many coffee beans and offering variety of coffee to customers. Because of this many custoners prefer starbucks’ coffee for its variety, lifestyle and quality.
Potential risk aaaociated to differentiation strategy :
a. Customers may get dissapointed if the company fails to live up to their claim of being different.
b. The customers may not be willing to spend too much money for the unique and differentiated product.
c. A firm’s means of being different may no longer add value to customers.
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