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Marketing or product differentiation is the process of describing the differences between products or services, or the resulting list of differences. This is done in order to demonstrate the unique aspects of a firm's product and create a sense of value .
Examples are Cournot oligopoly, and Bertrand oligopoly for differentiated products. Bain's (1956) original concern with market concentration was based on an intuitive relationship between high concentration and collusion which led to Bain's finding that firms in concentrated markets should be earning supra-competitive profits.
In general the classification of chemical industry products by the Kline matrix is related to the chemicals' worldwide production (measured for example in tons/year) and to their value added. [6] Following this classification, the chemical industry products are divided into four categories: true commodity: high production and high value added
The consumer will have a choice of purchasing variations of Product A (a differentiated product) or Product B (an outside good; undifferentiated product). There are two firms also located equidistant around the circle. Each firm offers a variation of Product A, and an outside firm offers a good, Product B.
A point of difference is a factor of products or services that establishes differentiation. Differentiation is the way in which the goods or services of a company differ from its competitors . Indicators of the point of difference's success would be increased customer benefit and brand loyalty .
Differentiate the products/services in some way in order to compete successfully. Examples of the successful use of a differentiation strategy are Hero, Asian Paints, HUL, Nike athletic shoes (image and brand mark), BMW Group Automobiles, Perstorp BioProducts, Apple Computer (product's design), Mercedes-Benz automobiles.
A ‘Product’ is "something or anything that can be offered to the customers for attention, acquisition, or consumption and satisfies some want or need." (Riaz & Tanveer (n.d); Goi (2011) and Muala & Qurneh (2012)). The product is the primary means of demonstrating how a company differentiates itself from competitive market offerings.
Imperfect (or 'differentiated') oligopolies, on the other hand, involve firms producing commodities which are heterogenous. Where companies in an industry need to offer a diverse range of products and services, such as in the manufacturing and service industries, [12] such industries are subject to imperfect oligopoly. [13]