In economics and marketing, product differentiation (or simply differentiation) is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors` products as well as a firm`s own products. The concept was proposed by Edward Chamberlin in.....
Making a product or service look different in the eyes of consumers....more on Product Differentiation
See differentiated product.
(from the article `monopoly and competition`) The structure of a market is also affected by the extent to which those who buy from it prefer some products to others. In some industries the ... ...markets, with many sellers but a single monopolistic buyer. The theory produced the powerful conclusion that competitive industries, in which ...
A source of competitive advantage that depends on producing some item that is regarded to have unique and valuable characteristics.
This is a product market concept. Chamberlin (1933) defined it thus: 'A general class of product is differentiated if any significant basis exists for distinguishing the goods of one seller from those of another.' Source: Chamberlin, E. 1933. The Theory of Monopolistic Competition. Harvard University Press. Cambridge, MA. 8th edition, 1962. as cite...
Developing unique product differences with the intent to influence demand.
Product differentiation is a tactic that companies use in marketing campaigns that to distinguish their product from another similar products in the market. This strategy can focus on real product differences or simply preserved differences in the consumers? minds.