Trader Joe's differentiates itself from competitors by increasing the perceived value created for customers, which allows it to charge a premium price.
One of the strategic measures to inculcate as business personnel for you to thrive above your competitors is to know what your customer wants.
Trader Joe's understands what his/her customer wants. Therefore, He increased the perceived value created for his customers.
However, this will increase the price of the products sold to the customers but since there is a value that makes a huge difference from his competitors, the customers won't look at the price but rather the value of what they are buying.
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