Providing better service,ambience,or a convenient location are all forms of

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Product differentiation means creating a product/service that is perceived as unique or different from the competition, and providing better service, ambience or location are all examples of this strategy. The goal of product differentiation is to increase customer loyalty and reduce price sensitivity, ultimately leading to increased profits for the business. Price discrimination refers to charging different prices to different customers based on their willingness to pay, consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price paid, and economies of scale refer to cost reductions that occur as a result of producing at a larger scale.

Providing Better Service,ambience,or a Convenient Location Are All Forms of