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Firms position products based on methods including:
Firms position products based on methods including:a. Symbols
b. Psychographics
c. Competition
d. Demographics
e. Value
f. Product attributes
Final answer:Firms use various positioning methods such as symbols, psychographics, competition, demographics, value, and product attributes to create differentiated products that stand out in the market and appeal to specific target audiences.Explanation:Firms position products using a variety of methods, each helping to differentiate their offerings from competitors. The strategies can be classified into different categories, such as:Symbols: Using logos, images, or icons that represent the brand and resonate with consumers.Psychographics: Leveraging lifestyle, attitudes, and values to align products with target consumer groups.Competition: Differentiating products through comparison with competitor offerings to highlight unique features or benefits.Demographics: Targeting specific groups based on age, gender, income, education, etc.Value: Communicating the product's worth or superiority in terms of cost and benefits.Product Attributes: Emphasizing physical features, quality, or design to make the product stand out.These methods contribute to the creation of differentiated products, which have unique characteristics that set them apart in the marketplace. Product differentiation helps firms to target specific audiences more effectively and to compete in markets that may be saturated or highly competitive....