List and Explain the Different Ways Firms Can Differentiate Their

question 47

Essay

List and explain the different ways firms can differentiate their product.

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Definitions:

Government R&D

Research and development activities funded or conducted by the government to advance knowledge, innovation, and technology for public benefit.

Intense Rivalry

Describes a highly competitive state where businesses or entities aggressively vie for market share, customers, or superiority in a particular field.

Technological Change

Innovations and advancements in technology that improve processes, products, or services.

Internal

Pertaining to or situated within the interior of something, often referring to processes or affairs happening within an organization or entity.