ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What Is Product Differentiation? Product differentiation is what makes your product or service different and more appealing to customers than other options in your category. Product differentiation is what gives you a competitive advantage in your market.

Detailed explanation-2: -Product differentiation is a process used by businesses to distinguish a product or service from other similar ones available in the market. This tactic aims to help businesses develop a competitive advantage and define compelling, unique selling propositions (USPs) that set their product apart from competitors.

Detailed explanation-3: -Defining a successful unique product It should have the ability to differentiate itself from other products on the market and provide a unique experience to its users. A successful product should also have a clear purpose and value proposition that resonates with customers and meets their needs.

Detailed explanation-4: -You can differentiate your product by size. You can differentiate your product by origin. You can differentiate your product by branding. You can differentiate your product by your packaging. You can differentiate your product by adding a simple feature or ingredient. More items

Detailed explanation-5: -Horizontal differentiation. Horizontal differentiation refers to making distinctions in products consumers choose based more on preference than quality or price. Vertical differentiation. Mixed differentiation. 08-Aug-2022