Differentiated products

Product Differentiation: Product differentiation is the process by which firms create and establish unique attributes for their goods or services in order to differentiate themselves from competitors.

Brand Loyalty: Brand loyalty refers to consumers' preference for specific brands over others due to perceived quality, reputation, or emotional connection. It can be a result of effective product differentiation strategies.

Monopolistic Competition: Monopolistic competition is a market structure characterized by many firms selling differentiated products. Each firm has some degree of market power, but there is also freedom for new firms to enter the market.