erson including physical objects, services, places, organizations, and ideas. Consumers typically recognize five distinctive product characteristics quality level, features, styling, brand name, and packaging. Depending upon the type of product involved physical, service, and so forth, not all of these characteristics will be applicable in each instance. Significant in the development of product strategy is product positioning what place will be sought for the product within the market. Product differentiation is one of the principal techniques by which product positioning is accomplished.
In economics, the theory of comparative advantage holds that mutually advantageous trade between countries will always be available, because trade patterns will be based on relative prices, as opposed to absolute prices (the theory of absolute advantage, wherein mutually advantageous trade between countries might not always be possible). The reasoning behind the theory of comparative advantage is that no single countr
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