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Questions and Answers
What are the two main factors that determine which product a customer chooses?
Which approach to product differentiation involves focusing on innovation, excellent quality, or responsiveness to customers?
How does a company obtain a competitive advantage?
What is one way companies achieve distinctiveness in their products?
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How can companies benefit from investing in creating distinct products?
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What motivates customers to pay higher prices for certain products mentioned in the text?
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Why might a company choose to target just one or two market segments?
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What is a potential drawback of serving customers in multiple market segments?
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How can a company achieve competitive advantage through differentiation?
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What approach to market segmentation involves offering a different product to each market segment?
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