Final answer:
The Differentiation Strategy is the approach focused on creating differentiated products to stand out in the industry.
Step-by-step explanation:
The strategy that involves an attempt to distinguish the firm's products or services from others in the industry is the Differentiation Strategy. This strategy focuses on creating differentiated products by changing the physical aspects of the product, the location from which it is sold, the intangible aspects of the product, and the perceptions of the product. By doing so, firms aim to make consumers perceive their products as unique and superior to competitors’ offerings, which is a key element in product differentiation.