Product Differentiation
What sets your product or service apart from others in your industry, making it more enticing to customers? Product differentiation is crucial for gaining a competitive edge in the market. This could mean offering superior quality and service, along with distinctive features and benefits that resonate with your target audience.
Example
An example of product differentiation could be a smartphone company offering a unique feature such as an advanced camera system with specialized photography modes that are not available on other smartphones in the market. This distinct feature sets their product apart from competitors and appeals to photography enthusiasts who prioritize camera quality in their smartphone purchasing decisions.