What does Commoditization mean?
22 July 2010
Commoditization allows you to play one provider off against another; knowledge is indeed power.
Consider coal; something most of us are familiar with and which is a commodity; something freely available. Although there are many different types of coal most of us treat coal as coal, we can’t distinguish Anthracite from Bauxite, so when it comes to purchasing coal we tend to seek out the lowest cost per tonne. This near exclusive focus on price lies at the heart of commoditization. When faced with two or more quite similar offerings you are more likely than not going to choose the one which is cheaper.
And the reason why it is increasingly difficult to distinguish one product or service from another is paradoxically because we know more about them. The impact of technology and availability of information (through such mediums as the internet) make it much easier to compare one product and service from another. Such transparency reinforces the impacts of commoditization because it allows you to play one provider off against another; knowledge is indeed power.
There are also a range of factors driving commoditization. These include... The full article can be read on the Gower Blog http://gowerpublishing.wordpress.com/2010/07/16/what-does-commoditization-mean/ from where you can also link through to read the first complete chapter of a book on the same subject if you wish.
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