MANAGEMENT

Detailed explanation-1: -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. The role of marketing is to make sure that potential buyers understand what sets an offering apart.

Detailed explanation-2: -A competitive advantage, also called a differential advantage, is a set of unique features of a company and its products that are perceived by the target market(s) as significant and superior to those of the competition.

Detailed explanation-3: -Successful product differentiation leads to brand loyalty and an increase in sales. A product differentiation strategy involves identifying and communicating the unique qualities of a product or company while highlighting the distinct differences between that product or company and its competitors.

Detailed explanation-4: -The elements of a marketing mix are the aspects of marketing that a business will leverage to promote its goods or services. There are five elements to consider: product, price, place, promotion, and people. Learn more about how these elements can help enhance the effectiveness of a business’s marketing effort.