Final answer:
Differentiated products are products that have unique features that set them apart from competitors. Examples include Toyota's Lexus, Caterpillar's heavy-duty equipment, and store brand beef and pork.
Step-by-step explanation:
Differentiated products are those that have distinguishing features or characteristics that set them apart from competitors. Examples of differentiated products include:
- Toyota's Lexus: Lexus is a luxury brand owned by Toyota that offers high-quality and premium vehicles, targeting customers who are seeking luxury and comfort.
- Caterpillar's heavy-duty earth moving equipment: Caterpillar is known for manufacturing heavy-duty and durable construction equipment that is designed to handle tough jobs and provide superior performance.
- Store brand beef and pork: Store brands are typically less expensive than national brands but still meet certain quality standards. These products are differentiated by their pricing, packaging, and quality.
McKinsey & Company is not an example of a differentiated product as it is a consulting firm that provides professional services rather than physical products.