What strategy means distinguishing a product in some way from its competitors?

The correct answer is product differentiation, as it specifically refers to the process of making a product stand out from competitors in various ways, such as through unique features, quality, design, or performance. This strategy is essential for businesses to create a competitive edge and appeal to specific customer needs or preferences. By differentiating their products, companies can justify higher prices, attract certain market segments, and build customer loyalty.

Branding, while related, focuses more on the overall identity and perception of a product or company rather than the distinctive features of the product itself. Market segmentation targets specific groups of consumers based on shared characteristics but does not inherently create differentiation in the products offered. The value proposition outlines the benefits and value that a product provides to customers but does not specifically address how it distinguishes itself from competitors' offerings.