Product Differentiation Refers to

question 37

Multiple Choice

Product differentiation refers to

• A)a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs.
• B)the unique combination of product benefits received by targeted buyers.
• C)those characteristics of a product that make it superior to competitive substitutes.
• D)a marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products.
• E)the legal requirement that requires a specified degree of distinction between products to ensure an organization's intellectual property rights.

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Definitions:

Industry Experience

The practical knowledge gained from working in a specific sector or industry over time.

Business Opportunity

A viable idea or proposal that can be capitalized on for profit, often requiring investment and risk.

Product Leadership

A competitive strategy focused on innovation and the development of superior products or services, emphasizing quality, performance, and features to gain market leadership.

New Product

A good, service, or idea that has not previously been made available to the market by its creator.