Question

choose a good/service that you currently consume. How would you differentiate the good/service. How would that effect profit maximization

Answer 1

Let us assume product to be a T-shirt.

Now, it could be differentiated from others on the following basis-

1. You can separate your item by size.

2. You can separate your item by inception.

3. You can separate your item by marking.

4. You can separate your item by your bundling.

5. You can separate your item by including a basic element or fixing.

6. You can separate your item by offering a reward.

7. You can separate your item by featuring an element.

8. You can separate your item by uncovering the shortcomings of different brands.

It could definitely effect profit maximization , as above mentioned basis of differentiation would highlight the product which in turn would attract customers and lead to more sale. Hence, more revenue means more profit.