Competition tends to converge on one of two possible

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Unformatted text preview: e of a product or service. Competition tends to converge on one of two possible basis of appeal. Some industries focus principally on price and function largely based on calculations of utility; their appeal is functional. Other industries compete largely on feelings; their appeal is emotional. Yet what many companies fail to see is that the appeal of most products or services is rarely intrinsically one or the other. When companies are willing to challenge the functional/emotional orientation of their industry, they often find new noncustomer insights. For example, if one is in an industry that is largely focused on an emotional basis of appeal, ask: “What are the extras we offer that add to the cost of our product without enhancing functionality? What if we eliminated or reduced these factors, can we create a simpler, functional, lower-priced, lower-cost offering that would dramatically raise buyers’ value?” See Six Paths Framework. Engagement is an element of fair process. Engagement means involving individuals in the strategic decisions that affect them, asking for their input, and allowing them to refute the merit of one...
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This note was uploaded on 10/21/2012 for the course ECON 45 taught by Professor Mikel during the Spring '12 term at Art Institute of Atlanta.

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