Fire Tribe Explores Product Differentiation
“What’s the next step in our product strategy discussion?” Marka asked.
“Tomorrow we’ll discover new market needs—for both current and future products. I want the whole team in on this discussion,” Lucy divulged.
“We’ll be waiting,” Marka said enthusiastically.
Today’s FIRE! Point:
New products must be developed with a differentiated aspect. Products created without differentiation will suffer from market devaluation. When a devalued product reaches commodity status, high cost of sales and low profits become business realities. Figuring out product differentiation isn’t as easy as it sounds. Companies creating new product entries must identify viable markets for new products and discover their complete business profile and current market positions.
FIRE! in Action:
Qbic Thinks Inside the Box to Create Product Differentiation
The company’s “To-go” hotel offers a differentiated vacation experience: It can be set up in an existing room, with customized controls that allow guests to change room colors and themes. Guests appreciate the style and economy, as Qbic has already opened two new locations.
Next week: The tribe continues product talk with a discussion on discovering marketplace need for products.