Product Differentiation

question 55

Multiple Choice

Product differentiation

• A) refers to firms' attempts to make their products look the same as other products in the industry.
• B) refers to firms' attempts to make real or apparent differences in essentially substitutable products look different in the minds of consumers.
• C) refers to the advantage big firms have in research and development.
• D) is a common characteristic of a perfectly competitive market structure.
• E) is employed only in a monopoly market structure.

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Definitions:

Legitimate Power

A form of authority in which power is granted through societal structures or organizational hierarchies.

Information Triggers

Elements or stimuli that prompt users to seek out more information, which can play a crucial role in marketing and advertising campaigns.

Cascades

Refers to a series of events or processes that occur in a sequential manner, often with each step triggering the next, as seen in viral information spreading or cascading reactions in networks.

Interactions

Exchanges or engagements between two or more parties, often used in social media contexts to describe comments, likes, and shares.