Product Differentiation Refers to The

question 99

Multiple Choice

Product differentiation refers to the:

• A) ability of the buyer of a product to negotiate a lower price.
• B) response of incumbent firms to new entrants.
• C) belief by customers that a product is unique.
• D) fact that as more of a product is produced the cheaper it becomes per unit.

---

Definitions:

Esteem Needs

Refer to the human desire for respect, self-esteem, and recognition from others, forming one of the higher levels in Maslow's hierarchy of needs.

Security Needs

Fundamental psychological or physical needs that include safety, health, and well-being.

Self-Actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Esteem Needs

According to Maslow's hierarchy of needs, these are the fourth level of human needs, involving confidence, respect from others, and a sense of achievement.