Differentiation is defined by Porter (1980) as creating something that is perceived industrywide as being unique. State Street’s differentiation strategy is evident due to its long tradition in the industry, unique combination of skills drawn from other businesses, corporate reputation for quality, technological leadership, strong capability in research and ability to attract highly skilled labour Porter (1980). An important part of the differentiation strategy is being a leader in technology. Using technology effectively allows a company to gain a competitive advantage over its competitors. As analytics and data management increases companies need to implement effective systems and strategies.
However, fast food restaurants changed this paradigm by being able to order and receive an entire meal in under 60 seconds from a vehicle. This new paradigm brought jobs to millions of people, however, it came with side effects such as increasing health hazards for the American public. Fast food companies offer jobs to millions of citizens and with fast food restaurants becoming ubiquitous, these numbers will increase rapidly. According to Statista, the World 's leading statistic source, "In 2013, there were 3.65 million fast-food restaurant employees in the U.S. This figure was forecasted to reach almost 3.8 million by 2018" ("Employees in the U.S.").
If we didn’t have fast food in the present days, we would be vegetarians or we would all have extreme thin bodies because we didn’t eat food that contains a big amount of carbohydrates. Fast food was made for a purpose and it’s for people who work in offices and are in a hurry to their job during their break. So they grab a meal and make their way quick back to their seats. There have been debates and scientific researches over whether fast food is the main cause of obesity and that it should be blamed for its cause. Mostly people agree with the part of it being the biggest problem for our health and some disagree.
During the last decade, it was noticed that there was an increase in the habit of eating from outside rather than having healthy home-cooked food. This was mainly because people want the easiest and the fastest way to feed their hunger. As a result, many people became addicted to fast food, which are usually pre-made unhealthy meals prepared by restaurants to serve their customers quickly and raise their profits. It has become an essential part of our life. This issue spread across the nation and it has become a national concern.
A new product development enhances sales, profitability, customer satisfaction and retention of consumers. 2.7 CONCLUSIONS Manufacturing companies of any kind must increase its ability in bringing new products into the market to boost their profitability. Despite new product development in itself is very risky owing to the fact that there are some new products that fail out rightly. So management must concerns in setting a process for finding and growing successful new products. Ensures that once new products are launch, they want their products to enjoy a long and happy stay in the market that will cover all the risk, the research efforts and impact the profitability of manufacturing
If in the not-so-distant past a mediocre product could be successful because of smart marketing or an aggressive advertising campaign, today’s situation is altogether different. High quality performance together with exceptional user experience are almost always the necessary conditions for achieving market leadership. Innovative and exceptional products are the result of product strategy adopted by a company during a methodical process, during which product policies are characterized and development directions are defined. Innovation and inspiration for company products two to four years down the line are generated as an integral part of a company’s business strategy. The process of formulating product strategy can last anywhere from a few weeks to a few months.
Differentiation strategy Burger king has incorporated the strategy of differentiation by offering additional breakfast meal as the increase in the product service which makes it easy for the company to analyse it and also to fill in a coupon where the opinions of the customers are noted down which help it to be more successful in the business sector (Samadi, 2010. http://www.statista.com/statistics). Risks in competitive strategies. The competition in market poses risk factor among the companies which are working on the strategies to achieve those and make their position strong in the market place which will help them to take ahead the business strategy (Valdani and Arbore 2012
The four alternatives in marketing strategies include market penetration, product development, market development, and diversification. These strategies can be used to ensure that the company employs the right tactics to stay relevant in a competitive industry as well as maximize its profits (Maria, Grandinetti, & Bernardo, 2012, p. 72). Firstly, market penetration involves methods that will enable a company to get its products into a market. It should be noted, that this is the lowest risk strategy. This may involve promotion of the product, creation of an extensive distribution process to reach a wider consumer area, and putting attractive pricing to lure more customers into purchasing the company’s products.