ECONOMICS (CBSE/UGC NET)

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

Detailed explanation-2: -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-3: -Horizontal: Goods are different but at the same price some consumers will buy one and some will buy other, it really depends on their preferences. Example: Pepsi y Coca Cola; 2. Vertical: Goods are different and all consumers would prefer one to the other if they were sold at the same price.

Detailed explanation-4: -Product differentiation is the characteristic or characteristics that make your product or service stand out to your target audience. It’s how you distinguish what you sell from what your competitors do, and it increases brand loyalty, sales, and growth.