ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consumers find so many similar products available for sale.
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unique products create loyalty and attract customers.
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the business should be easy to distinguish from competitors.
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all are correct about product differentiation
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Detailed explanation-1: -Product differentiation is important because it allows different brands or companies to gain a competitive advantage in the market.
Detailed explanation-2: -Product differentiation is the most important feature of monopolistic competition .
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.
Detailed explanation-4: -It can strain resources. Pursuing a differentiation strategy means a lot of time, energy, and resources will be spent to develop a product that sets itself apart from the competition. This can put a burden on research and development teams, product manufacturers, and even your profit margins.