product differentiation is the process that firms use to make a product more attractive to potential customers
Product differentiation is the process that firms use to make a product more attractive to potential customers. On which of the following criteria can firms differentiate their products?
Choose one or more:
A. entry/exit (joining a market as a new firm, "retiring' as a firm)
B. style/type (language, size, speed)
C. location (downtown, next door)
D. excess capacity (ability to produce more than current output)
E. quality (durable, reliable, easily broken)
F. number of competitors
Homework Answers
Ans:
- Style / Type
- Location
- Quality
Explanation:
Style / Type: different styles and types of a product give a lot
of differentiation for consumers.
Location: Because a convenient locations attract customers.
Quality: Definitely a firm can differentiate its product by its
good quality.
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Product differentiation is the process that firms use to make a product more attractive to potential customers.
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