Final answer:
A company should focus on creating differentiated products that are distinctive in their physical aspects, location, intangible aspects, or perceptions. By offering unique features or qualities, a company can attract customers and stand out from competitors. Innovation is also important to maintain a competitive edge.
Step-by-step explanation:
A company that succeeds in differentiating its product offering from those of its rivals should focus on creating differentiated products - products that are distinctive in their physical aspects, location, intangible aspects, or perceptions. By offering unique features or qualities, a company can attract customers and stand out from competitors. For example, a successful restaurant with a unique barbecue sauce can gain a competitive advantage over other restaurants by offering a distinctive taste that cannot be easily replicated by competitors. Moreover, a company can also adopt innovative strategies and constantly pursue new ideas to maintain a temporary edge over competitors and earn above-normal profits.