ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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By reducing productivity.
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By attracting more competitors.
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By differentiating its product.
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By increasing the product costs.
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Detailed explanation-1: -Product differentiation depends on consumers’ attention to one or more key benefits of a product or brand that make it a better choice than similar products or brands. The elements of differentiation include product design, marketing, packaging, and pricing.
Detailed explanation-2: -Product differentiation helps organizations create products or services that stand out from their competitors. Increased competition among industries has divided demand among many players, making it important for a business to convince their customers why their products and services are better.
Detailed explanation-3: -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.