Distinguishing Core Benefits: Market Offerings and Competition

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Distinguishing Core Benefits: Market Offerings and Competition

Given todays corporate landscape, the ease of access to technology, and the emergence of social media as a marketing tool, have made it simpler for anyone to start a business. The only prerequisite is a novel idea and a carefully planned strategy. People must now recognize that the simplicity of entry offers a high level of competition for the existing entities in the market. Therefore, the offerings that are present in the market must be distinguishable based on their core benefits, particularly when compared to their close competition. This is more important for them to gain or retain market share (Cennamo, 2021). The gaming sector is one such example that provides insights into how product differentiation works. Given that it is, as of now, the largest and fastest growing sector, people must address the fact that there is intense competition, both within the hardware and among the service providers.

When it comes to gaming consoles, the three major offerings from Sony PlayStation, Microsoft Xbox, and Nintendo Switch provide useful insights into how differentiation is required for a products success. All three consoles are in the same category in terms of gaming. However, while PlayStation retains the specialty of more innovative exclusive titles, Xbox owns the niche of better multiplayer titles and subjectively superior hardware at the same price. As a result, this makes both products significant in their own right. Nintendo differentiates itself from the competition with its strategy, attention to quality, particularly when it comes to game design, focus on a certain nostalgia factor, and the console being portable (Grasso, 2022). This opens up numerous possibilities that the other two offerings do not. On the contrary, while Nintendos offering cannot compete on the hardware front and its limited library of software offerings somewhat prevents it from gaining a larger market share, Nintendo sets itself apart with these factors. This demonstrates that a product or service must be distinctive in order to generate attention from consumers and be marketable.

References

Cennamo, C. (2021). Competing in digital markets: A platform-based perspective. Academy of Management Perspectives, 35(2), 265-291.

Grasso, J. (2022). Fuser. Harmonix. Windows PC, Nintendo Switch, PlayStation 4, and Xbox One. 2020. Journal of the Society for American Music, 16(3), 357-358.

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