Product Differentiation Refers to

question 131

Multiple Choice

Product differentiation refers to

• A)a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs.
• B)the unique combination of product benefits received by targeted buyers.
• C)those characteristics of a product that make it superior to competitive substitutes.
• D)a marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
• E)the legal requirement that requires a specified degree of distinction between products to ensure an organization's intellectual property rights.

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Definitions:

Marginal Product

The additional output generated by expanding inputs by one additional unit, while holding all other inputs constant.

Fertilizer

A chemical or natural substance added to soil or land to increase its fertility and enhance plant growth.

Bushels

A volumetric unit of measure used primarily in the United States for agricultural products, representing a specific quantity.

Price

The total financial stipend expected, mandated, or handed over in payment for something.