BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A product differentiation strategy involves identifying and communicating the unique qualities of a product or company while highlighting the distinct differences between that product or company and its competitors.

Detailed explanation-2: -Differentiation is the process companies use to make a product or service stand out from its competitors in ways that provide unique value to the customer. Differentiation identifies a set of characteristics and benefits that make a product different and better for a target audience.

Detailed explanation-3: -Specific factors that can trigger the decision to reposition a product, service, or brand include the following: Competition: New competitors entering or leaving the market; competitors joining forces; a competitor’s innovation that threatens to make your offering obsolete; competitive pricing strategies.

Detailed explanation-4: -A company’s product or service that provides a unique, intangible strength or outcome for a customer is the definition of a: benefit. Positioning.

Detailed explanation-5: -A perceptual map is a chart used to illustrate where a product or brand and its competitors are positioned according to consumer perception.