Final answer:
The term that describes factors allowing a firm to differentiate its products or services from those of competitors to increase market share is competitive advantage. It can be achieved through core competencies and offering differentiated products.
Step-by-step explanation:
The term that refers to any factors that allow a firm to differentiate its products or service from those of its competitors to increase market share is competitive advantage. Firms can achieve a competitive advantage by focusing on their core competency, which refers to concentrating on one or a few products that they can deliver exceptionally well, rather than offering a wide range of products.
Another way to establish a competitive advantage is through the creation of differentiated products, which can be distinguished from competitors' offerings in various ways, including physical aspects, location, intangible aspects, and perceptions. Well-respected brand names and reputations for managing prices are also ways that companies can establish a competitive advantage to stand out in the market.