Definition of Product differentiation
In economics and marketing, the process that identifies a product or services depending on the characteristics from other is defined as product differentiation with the purpose to draw the attention of a particular target market. In this process, the product undergoes the distinguishing course to determine the specialties of the product that make it distinct from other products of a competitor and also the firm’s products.
- The concept of product differentiation is established by Edward Chamberlin in the year of 1933 in Theory of Monopolistic Competition. In other definition, product differentiation is a one of kind marketing strategies to showcase the differences between the products. The prior motivation of the process is to allure consumer to a certain product by exhibiting that how the product is unique while contrasting other products with them.
- It is said that a successful product differentiation can create a good market for a product, when the audience views this product as superior to others.
Books on Product Differentiation
Book 1 –
The Economic Theory of Product Differentiation By John Beath, Yannis Katsoulacos (published by Cambridge University Press, 1991)
Book 2 –
Discrete Choice Theory of Product Differentiation By Simon P. Anderson, André De Palma, Jacques François Thisse (published by MIT Press, 1992)
How Product Differentiation works?
- The goal of differentiating a product can be achieved in many ways, the result can come in simple packaging, when someone visit a grocery shop to buy cereals, there are bran flakes and Wheaties, what is the difference between Wheaties and bran flakes, nothing much, but the packaging of Wheaties keep it one ahead of bran flakes.
- The second effective example of using successful product differentiation is internet search engine Google, the strategy of Google was twofold, and first one is the simple appearance. When someone opts for Google search engine to hunt for something, there are two things, the name of Google imprinted on the top and the search bar where someone can type, people appreciate the simplicity.
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