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level: Level 1 of 14. Product differentiation

Questions and Answers List

level questions: Level 1 of 14. Product differentiation

QuestionAnswer
What is product differentiation?Definition: Actual or perceived distinctions between closely substitute products.
What two types of product differentiation exist?Two types of product differentiation: 1. Vertical - varying quality across products 2. Horizontal - similar quality but different characteristics
What are the two sources of product differentiation?1. Natural - features which arise from natural attributes 2. Strategic - distinguishing characteristics due to actions of suppliers