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Product Differentiation
A strategy that firms use to achieve market power. Accomplished by producing goods that differ from others in the market.
Barriers
Factors or conditions that obstruct entry into a market, restrict competition, or hinder business operations and growth.
Homogeneous Product
A product that is considered the same across different producers, making it indistinguishable in the eyes of the consumer.
Differentiated Product
A product that is distinct from its competitors by virtue of unique features, benefits, or quality.
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