ENTREPRENEURSHIP

Detailed explanation-1: -Niche marketing and differentiation are closely related, but not the same, and to mistake one for the other can be disastrous to your business plan, so let’s look at some examples to help you get a feel for how they diverge.

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: -Vertical, horizontal, and mixed are the main types of product differentiation. Each one has its advantages and challenges and ultimately, how customers evaluate products is unique to them. Determining how you want to differentiate your product or brand depends on your target audience and their typical buying behaviors.