What Is the Fundamental Goal of Product Differentiation

question 232

Short Answer

What is the fundamental goal of product differentiation?
To increase profit margins
To set the company's products apart from competitive products in the market
To maximize market share
To more effectively market to industrial consumers
To more effectively market to certain demographic segments of the market

Understand the concepts of maximizing and satisficing in decision-making processes.

Comprehend the key elements of prospect theory, especially regarding gains, losses, and risk preferences.

Learn how external environments influence consumer behavior and decision-making.

Gain knowledge on how pre-existing product knowledge influences consumer choices.

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