Editing Product differentiation (section)

{{Short description|Process of distinguishing unique products or services}}

In [[economics]] and [[marketing]], '''product differentiation''' (or simply differentiation) is the process of distinguishing a [[product (business)|product]] or [[Service (economics)|service]] from others to make it more [[Demand (economics)|attractive]] to a particular [[target market]]. This involves differentiating it from [[Competition|competitors]]' products as well as from a [[Firm (economics)|firm's]] other products. The concept was proposed by [[Edward Chamberlin]] in his 1933 book, ''[[The Theory of Monopolistic Competition]]''.<ref>{{cite book |last1= Chamberlin |first1=Edward |author-link= Edward Chamberlin |title=The Theory of Monopolistic Competition: A Re-orientation of the Theory of Value |year=1962 |publisher=[[Harvard University Press]] |isbn= 978-0674881259 }}</ref>