What Is Product Differentiation? Product differentiation is the key aspect or aspects that distinguish a company’s products or services from the competition. Successful product differentiation leads to brand loyalty and an increase in sales. A product differentiation strategy involves identifying and communicating the unique qualities of a product or company while highlighting the distinct differences
What Is a Product Recall? A product recall is the process of retrieving defective and/or potentially unsafe goods from consumers while providing those consumers with compensation. Recalls often occur as a result of safety concerns over a manufacturing defect in a product that may harm its user. A product recall may be voluntary or mandated by
What Is Production Efficiency? Production efficiency is an economic term describing a level at which an economy or entity can no longer produce additional amounts of a good without lowering the production level of another product. This happens when production is reportedly occurring along a production possibility frontier (PPF). Production efficiency may also be referred to
Textbooks Computers 18 11 24 10 30 9 36 8 42 7 48 6 54 5 60 4 66 3 72 2 78 1 84 0 When this is plotted, the area below the curve represents computers and textbooks that are not being used, and the area above the curve represents donations that cannot happen
What Is Productivity? Productivity, in economics, measures output per unit of input, such as labor, capital, or any other resource. It is often calculated for the economy as a ratio of gross domestic product (GDP) to hours worked. Labor productivity may be further broken down by sector to examine trends in labor growth, wage levels
What is Productivity and Costs? Productivity and costs refer to an economic data set that measures future inflationary trends with two indicators. Productivity is the indicator that measures labor efficiency in producing goods and services in the U.S. economy. Costs is the indicator that measures the unit labor costs of producing each unit of output
What Is Productize? “Productize” refers to the process of developing or altering a process, idea, skill, or service to make it marketable for sale to the public. Productization involves taking a skill or service that has been used internally and developing into a standard, fully-tested, packaged, and marketed product. For example, a consultant might productize
What Is the Product Life Cycle? The term product life cycle refers to the length of time from when a product is introduced to consumers into the market until it’s removed from the shelves. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase
What Is a Product Line? A product line is a group of related products all marketed under a single brand name that is sold by the same company. Companies sell multiple product lines under their various brand names, seeking to distinguish them from each other for better usability for consumers. Companies often expand their offerings
What Is Product Placement? Product placement is a form of advertising in which branded goods and services are featured in a production that targets a large audience. Also known as “embedded marketing” or “embedded advertising,” product placements are typically found in movies, television shows, personal videos, radio, and—less commonly—live performances. In exchange for product placement
