Understanding Product and Price Differentiation Marketing Essay
A differentiation strategy is a business strategy that aims to make your company, product or service unique, so that it stands out from other companies in your industry or market segment. While you, Product differentiation is a marketing process that shows the differences between products. Differentiation attempts to make a product more attractive by contrasting its unique features. In the imperfect competition - monopolistic competition debate, a new approach to the analysis of economic equilibrium was taken, where two independently derived works were published almost simultaneously in time: Mrs. Robinson's Economics of Imperfect Competition 1933 and Chamberlin's Theory of Monopolistic Competition, Market Differentiation is a marketing strategy used to differentiate a product or service from its competitors. It is the process of creating differences between similar products so that customers perceive one as more desirable than another. Differentiation can be based on several factors, such as price, quality, features and service.