GENERAL KNOWLEDGE

Detailed explanation-1: -Product differentiation: real or imagined differences between competing products in the same industry. Uses nonprice competition.

Detailed explanation-2: -The elements of differentiation include product design, marketing, packaging, and pricing.

Detailed explanation-3: -Product differentiation definition 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-4: -The differentiation enables a company to achieve a competitive advantage over other companies offering similar product substitutes. It is an essential marketing process that is of vital economic importance to a business. Product differentiation serves as a catalyst in a consumer’s purchase decision-making process.

Detailed explanation-5: -Product differentiation is the key feature of monopolistic competition, where products are marketed by quality or brand. Demand is highly elastic, and any change in pricing can cause demand to shift from one competitor to another.