... is Rolex watches; the price they cost to make is not even close to what customers pay for it, you are paying for the prestige surrounding the brand. The cost of the advertising and marketing to build up the reputation of the company is expensive but the prices it later allows them to charge will make up for the initial outlay. The next way firms look to gain a competitive advantage is through focus. This involves a business focussing on a particular segment of the market. This segment could be geographical area, age range or income group. By focussing on this segment it tries to identify and anticipate the needs of this group. An example of this is at the supermarket Tescos where they have economy, standard and finest ranges for different income groups. This is a reasonably inexpensive process other than the costs of the extensive market research required. Consolidation is ...

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