In the context of business studies, "exclusive" and "inclusive" refer to different approaches or strategies for targeting customers or markets.
1. Exclusive: This approach focuses on targeting a specific group of customers or a niche market. When a business adopts an exclusive strategy, it aims to differentiate its products or services from competitors and create a perception of luxury, superiority, or uniqueness. By catering to a smaller, select group of customers, businesses that adopt exclusivity may charge higher prices and provide unique features or benefits to justify those prices. Examples of exclusive brands include luxury car manufacturers, high-end fashion brands, or boutique hotels.
2. Inclusive: In contrast to the exclusive approach, an inclusive strategy aims to target a broader customer base. This strategy aims to attract a larger number of customers by positioning products or services as accessible, affordable, and suitable for a wide range of consumers. Inclusive businesses typically deliver products or services that cater to the needs and preferences of a diverse customer base. They may focus on providing good value for money and ensuring that their offerings are easily accessible to different segments of the population. Examples of inclusive brands include mainstream retailers, fast-food chains, or budget airlines.
Both exclusive and inclusive strategies can be successful depending on the specific goals, target customers, industry, and competitive landscape of a business.
What does exclusive and inclusive mean in business studies
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