ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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: -The elements of differentiation include product design, marketing, packaging, and pricing.

Detailed explanation-3: -Unlike product differentiation, price discrimination focuses on charging different customers different prices for the same goods. Contrary to product differentiation, price discrimination does not focus on distinguishing its product from others.

Detailed explanation-4: -Also known as product differentiation strategy, product differentiation is a method for companies to make their products stand out and grab the attention of consumers. This helps the company develop a strong brand that potential customers will recognize.

Detailed explanation-5: -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.