Which of the following strategies is used to create unique products or services that stand out from competitors?

The strategy of differentiation is specifically aimed at creating unique products or services that stand out from the competition. This approach involves emphasizing attributes that set a product apart, such as superior quality, distinctive features, innovative technology, or exceptional customer service. By focusing on what makes a product or service different and desirable, a company can build a strong brand identity and foster customer loyalty.

Differentiation allows businesses to cater to specific customer preferences and needs, which may justify charging a premium price. This is vital in industries where competition is intense and numerous offerings exist; by standing out, companies can capture a larger market share and maintain a competitive edge.

In contrast, strategies such as overall cost leadership aim to secure a competitive advantage primarily through cost reduction, while the focus strategy concentrates on serving a particular niche market. Supplier power relates to the degree of control suppliers have, which influences pricing and availability, but does not directly pertain to creating unique offerings. Hence, differentiation is the most pertinent strategy for standing out in the marketplace.