An examination of any of the following eight attributes can help you formulate your philosophy:
1. Price. Your philosophy may be to compete on price. Usually this means your products or services have to be priced lower than the competition. You believe you simply underprice the competition every time on every item. This is a difficult factor to manage if you are in a commodity business, such as a grocery store, that has high volumes and low margins.
2. Speed. Your philosophy may be built around speed of delivery. Pizza food chains use this standard as a major competitive advantage. A whole secondary wave of industries has grown up as support facilities for these businesses. Selling products on the Internet is okay, but someone still has to deliver them to the end user.
3. Quality. Your philosophy may have its roots in quality. You may choose to be known as the best of your product line; however, be careful of quality because it is now a standard. If you don’t have quality to begin with you are not in the game.
4. Service Level. Your philosophy may be to focus on service levels. Remember, high service also includes hidden costs. This means you must get your service right the first time.
5. Quantity. Your philosophy may be to give more for the dollar. An ice cream parlor that gives generous helpings is using this standard as a distinctive feature.
6. Uniqueness. Your philosophy may be to stand out from the crowd. A catchy product or perception of uniqueness often opens doors to customers.
7. Brand Recognition. Your philosophy may be to use marketing to get to customers. You choose to become a recognized name in your local area, and then expand to national recognition.
8. Reputation. Your philosophy may have its roots in integrity. You may choose to build your business on a reputation of solid products, honest practices, and reputable services.