Define the term Homogeneous product and product differentiation. – InterviewSolution

1.	Define the term Homogeneous product and product differentiation.
Answer» Homogeneous product refers to a product of which all units are identical in all respects. Product differentiation is a situation when different producers in the market try to differentiate their product (with respect to size, weight, packaging, etc.) with a view to attracting the buyers and exercising partial control over price.

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