Question at position 13 Greenbaum Tech has entered the smart phone market and introduced 3D imaging and other enhanced video features that competitors can't offer. Because of this special feature, they are able to charge consumers more for their phones. Greenbaum Tech is most likely employing a Question Blank 1 of 1[input] strategy.

Question

BlackTom AI · Accepted Answer

The question describes Greenbaum Tech entering the smartphone market with unique features such as 3D imaging and enhanced video capabilities that competitors cannot offer, enabling the company to charge a premium. This aligns with the concept of a differentiation strategy, where a firm seeks to distinguish its product from competitors through unique attributes, quality, or features that customers value enough to pay higher prices.

Key reasoning steps:
- The core idea of a differentiation strategy is to create perceived or actual uniqueness in the product that justifies higher prices, rather than competing solely on price.
- The specific mention of 3D imaging and enhanced video features represents distinctive product attributes that can set Greenbaum Tech apart from rivals, meeting customer needs in a way others do not.
- Because the firm can command higher prices due to these unique features, the strategy aims at premium positioning rather than cost leadership (which would focus on being the low-cost provider) or a broad low-cost approach.
- If one considers other strategic labels: cost leadership would imply competing primarily on price with minimal differentiation, which contradicts the ability to charge more; focus strategies would imply targeting a narrow segment, which isn't indicated here since the description emphasizes features that appeal broadly to consumers in the smartphone market.
- A broader interpretation of product differentiation is appropriate: the company differentiates the product via advanced imaging and video capabilities, creating a competitive edge and justifying a premium.

In summary, the described approach exemplifies differentiation strategy because the unique features create value that allows premium pricing, rather than competing solely on cost or targeting a narrow niche without distinctive advantages.

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