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- THE CUSTOMER VALUE CHAIN
- HOW CAN YOU PROTECT YOUR UNIQUE PRODUCT OR SERVICE?
- CONFERENCE ON FINANCING - MAY 2, 2017
- WHAT IS DRIP PRICING?
- WHICH AMOUNT SHOULD YOU CHOOSE FOR YOUR PRICES?
- DETERMINING YOUR HOURLY RATE BASED ON THE VALUE YOU THINK YOU HAVE
- IS LOWERING YOUR PRICES A GOOD IDEA?
- TO OFFER OR NOT TO OFFER FINANCING?
- HOW TO PROTECT YOURSELF AGAINST EXCHANGE RATE RISKS
- WHEN IS A GOOD TIME TO INCREASE YOUR PRICES?
- DEMAND BASED PRICING
- WHAT IS A LOSS LEADER?
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- HOW TO HAVE REMOTE EMPLOYEES
- IS IT GOOD TO BE FIRST IN A MARKET?
- THE THREE TYPES OF CUSTOMERS
- EXPORTING TO MEXICO - QUERETARO REGION
- DEFINING BUSINESS SUCCESS
- ARE YOU USING REBATES? WATCH OUT FOR THESE
- IS THE CUSTOMER ALWAYS RIGHT?
- EXPORTS AND QUEBEC COMPANIES
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- YOUR PLACE OF BUSINESS AND INTERNET
- WHY IS SOCIAL MEDIA IMPORTANT FOR YOUR BUSINESS?
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- HOW TO SELL MORE TO YOUR EXISTING CLIENTS
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- WHY SHOULD I SEGMENT?
- WHO IS RESPONSIBLE FOR MANAGING YOUR COMPANY'S IMAGE?
- HOW TO CHARGE FOR YOUR PRODUCTS / SERVICES?
- HOW TO DEFINE YOUR PRICING STRATEGY: PRICE POSITIONING
- HOW TO DEFINE YOUR PRICING STRATEGY: MARKET PRICING
- WHAT PRICE SHOULD YOU SELL AT? - COST-BASED PRICING
- WHAT IS A PRODUCT?
- HOW TO MARKET YOUR NEW BUSINESS?
- IS BUYING A FRANCHISE A GOOD WAY TO START A BUSINESS?
- HOW SOCIAL MEDIA HAS CHANGED WORD-OF-MOUTH
- HOW SOCIAL MEDIA HAS CHANGED PUBLIC RELATIONS
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- WHY INCREASING SALES IS NOT THE SOLUTION
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- HOW TO MAXIMIZE THE VALUE OF YOUR SOLE PROPRIETORSHIP BUSINESS
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- LOW COST MARKETING INITIATIVES
- WHY IS PRODUCT DIFFERENCIATION IMPORTANT?
- hOW TO PRESENT OUR COMPANY
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- RIGHT SELL AND OVER DELIVER
PRODUCTS / SERVICES / COMPANIES DIFFERENTIATION
One of the courses that as taught me a great deal during my M.B.A. is the course on Economics. And one phrase I still use today is:
« All things being equal in all aspects, the predominant factor which will differentiate between two identical products is the price ».
Such a simple sentence but filled with important information for all involved in selling a product or a service.
One such information is that in the absence of differentiation, the main reason a consumer will chose a product over another is price. To better illustrate this, let's take two half-crates of tomatoes found in an unspecified farmers' market...
It is 9:00 a.m. and the two stands are next to each other. If the tomatoes are the same quality, same size and same color from one stand to the next, that you are equally well-attended and that all other considerations are identical, you will end up buying the tomatoes costing less.
Now, you might say:
- I know one of the sales people at one of the stand (reputation), the product is differentiated.
- In one of the two stands, they left the tomatoes on the branch (product differentiation), the product is different.
- One of the sales person comes and put the tomatoes basket in the trunk of your car (product differentiation true value added service initiative), both product are no longer identical.
And so on.
What is important to remember is that if you want to reduce your dependency on price, than differentiation is the best way to achieve this goal.
If you have questions or if you would like to find out how does this apply to your business, do not hesitate to contact us.
Looking forward to being part of your success.
Stéphane Elmaleh-Riel, B.Ed., MBA