Background of the Study
In the competitive retail industry, businesses must choose between different strategic approaches to gain an edge in the market. Two prominent strategies are cost differentiation and product differentiation. Cost differentiation involves offering products at a lower price than competitors by minimizing production costs, while product differentiation focuses on offering unique products that stand out in the market (Porter, 2024). Retail businesses in Kebbi State, like many others, are faced with the decision of choosing the right strategy to improve profitability and market share.
Cost differentiation can be especially appealing in markets where price sensitivity is high, while product differentiation can offer a competitive advantage by creating a distinct brand identity. This study will explore the strategies of cost differentiation and product differentiation employed by retail businesses in Kebbi State, comparing their effectiveness in gaining a competitive edge.
Statement of the Problem
Retail businesses in Kebbi State must navigate a challenging market environment, characterized by both local competition and external economic factors. Some firms focus on cost differentiation to attract price-sensitive customers, while others prioritize product differentiation to create a unique value proposition. However, the impact of these strategies on business performance and competitive advantage has not been comprehensively studied in the context of Kebbi State (Aliyu & Rabiu, 2023).
Objectives of the Study
Research Questions
Research Hypotheses
Scope and Limitations of the Study
The study will focus on retail businesses in Kebbi State, comparing cost differentiation and product differentiation strategies. Limitations include the potential difficulty in measuring the true impact of each strategy on business performance and the challenge of obtaining data from a broad sample of businesses.
Definitions of Terms
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