By Doug Davidoff
"A commodity is any good, service or process that can be produced by any number of firms and the only distinguishing feature between these firms is who can do it cheapest.
"Having your product or service turned into a commodity is no fun, because it means your profit margins will become razor thin, you will have dozens of competitors and all you can do is every day make that product or service cheaper and sell more of it than the next guy, or die."
~ Thomas L. Friedman, The Lexus And The Olive Tree
Think about the following questions for a moment. They strike at the issue of commoditization, the greatest challenge facing businesses of all sizes in the 21st century.
- How easily can you quantify the differences between your services and your competitors'?
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