From the Harvard Business Review -
Sell it for more.
Here, your product or service provides better performance on attributes that are important to target customers and for which they are willing to pay a premium. This approach must continually avoid the following pitfalls:
Make it for less.
Here, your cost structure allows you to sell and make money at prices that competitors cannot. Realities in many industries typically allow only a few firms to compete successfully in this manner. Once they do, moreover, their scale advantages make it difficult for others to duplicate. To be a viable value proposition, therefore, this approach must avoid these pitfalls:
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