____________ helps explain why consumers are willing to pay more for branded products such as UnderArmour athletic gear, Apple iPhones, and Lexus motor vehicles.

Question

Quizplus · Accepted Answer

Differentiation is the strategy of creating a unique product or service that sets a company apart from its competitors. Branded products are often associated with high quality, reliability, and status, which can justify a higher price point for consumers. The brand identity and reputation created through differentiation can lead to strong brand loyalty among consumers.

____________ Helps Explain Why Consumers Are Willing to Pay More