Question

It is a way of creating a name, symbol, color, and design to establish and differentiate a product from its prospect competitors

Answer 1

Branding

Step-by-step explanation:

The term that is being defined by the question is known as Branding. This is what companies do to products in order to allow customers to distinguish the product from the competitors similar products. Doing so allows a company to attract and maintain customers since a customer will see become aware of the branded product and buy it. If the purchasing experience goes well they will begin to associate the good experience with the brand and therefore with the company as well.