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Product differentiation refers to the differences in the offerings of the product as compare to the same products available in the market. The value added components in the products can enhance the product differentiation. For example, if a company offers after sales services to the consumers with the purchase of technology and this service is not offered by any other seller in the market then it is product differentiation. Product differentiation is important because it makes the product attractive for the target market. On the other hand, modifications brought in the current product to increase the potential target market of the product is known as product diversification. Example of product diversification can be the new children magazine published by a newspaper company to capture the children market.
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answered 8 months ago
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