Asked by Laura Phoenix on Jun 13, 2024
Verified
An attempt by a firm to convince buyers that its product is different from the products of other firms in the industry is product differentiation.
Product Differentiation
The process by which companies distinguish their products from those of competitors in the eyes of consumers, often through branding, design, and quality.
- Study the influence of product variation on the nature of market competition and the alternatives for consumer decisions.
Verified Answer
LD
Lauryn Deni’aJun 19, 2024
Final Answer :
True
Explanation :
Product differentiation is the process of setting a company's product apart from its competitors, making it more attractive to potential customers.
Learning Objectives
- Study the influence of product variation on the nature of market competition and the alternatives for consumer decisions.
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