Explain the Concept of Differentiation

question 13

Essay

Explain the concept of differentiation.

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Definitions:

Marketing Mix

The set of actions, or tactics, that a company uses to promote its brand or product in the market; traditionally includes four Ps: Product, Price, Place, and Promotion.

Core Benefit Proposal

The fundamental value or advantage that a consumer receives from a product or service, which is the main reason for their purchase.

Marketing Mix

The combination of variables that a company can control to influence consumers to purchase its products, often categorized into the four Ps: Product, Price, Place, and Promotion.

Product

An item or service created as a result of a process and serves a need or wants.