Product differentiation refers to the:
a. response of incumbent firms to new entrants.
b. belief by customers that a product is unique.
c. ability of the buyer of a product to negotiate a lower price.
d. fact that as more of a product is produced the cheaper it becomes per unit.

It is such a marketing strategy in which a business presents its products or services as "unique" by making it different from all of its products or services and from the products or services of its competitors.

For example:

If a company X offers some kind of special shoes that no other company is offering so that product is unique and it makes their customer feel special.

So, In our case the option B that states that "Belief by customer that a product is unique" is correct as the above mentioned feature of a company X is unique one.

Other Options are not correct in the given scenario as they are not related with the product differentiation phenomenon.

Product differentiation refers to the: a. response of incumbent firms to new entrants. b. belief by customers that a product is unique. c. ability of the buyer of a product to negotiate a lower price. d. fact that as more of a product is produced the cheaper it becomes per unit.

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Product differentiation refers to the:
a. response of incumbent firms to new entrants.
b. belief by customers that a product is unique.
c. ability of the buyer of a product to negotiate a lower price.
d. fact that as more of a product is produced the cheaper it becomes per unit.