Product differentiation is selecting the best price at which to sell a product.

Question

Quizplus · Accepted Answer

Product differentiation is the process of distinguishing a product or service from others in the market to make it more attractive to a particular target market. It involves creating unique features or benefits that set the product apart from competitors, rather than just setting a price. The best price at which to sell a product is determined based on various factors such as market demand, production costs, and competition, but it is not the same as product differentiation.

Product Differentiation Is Selecting the Best Price at Which to Sell