ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To add new features to an existing product
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To set a product apart from its competitors’ products
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A promise of value
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Promotes the image of a brand
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Detailed explanation-1: -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.
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: -Competitive differentiation is how a company’s product or service is distinct from what its competitors offer. It is based on what customers value, such as functionality, brand, pricing, or customer service.
Detailed explanation-4: -Every body can fix the price as per their choice. Hence, product differentiation is a feature of monopolistic competition.