Explain the concept of product differentiation and its relationship with product knowledge.

Product differentiation refers to the process of distinguishing a company's products from those of its competitors through unique features, benefits, or attributes. Product knowledge plays a crucial role in this process because it enables companies to identify and communicate the distinctive aspects of their products effectively. By understanding the unique value propositions of their offerings, companies can differentiate themselves in the market and attract customers who value those specific attributes. Therefore, product knowledge is essential for implementing successful product differentiation strategies.