The term product differentiation refers to:

Question

Quizplus · Accepted Answer

Product differentiation refers to the process of distinguishing a product or service from others in the market by adding unique attributes or features that make it more desirable to consumers. This differentiation can range from the physical features of a product, such as design and appearance, to more abstract qualities such as brand image and reputation. Thus, option B is the correct choice as it defines product differentiation as a situation where two or more products possess attributes that set them apart from each other and make them less than perfect substitutes. The term product differentiation refers to a situation in which two or more products possess attributes that, in the minds of consumers, set the products apart from one another and make them less than perfect substitutes. This differentiation can be in terms of the product's quality, design, features, packaging, brand image, etc. It is aimed at creating a unique selling proposition for the product in the market and making it more attractive to consumers compared to similar products offered by competitors.

The Term Product Differentiation Refers To