What term refers to the use of an exclusive name, symbol, or design to differentiate a product?

The correct term for the use of an exclusive name, symbol, or design to differentiate a product is branding. Branding encompasses the strategies and practices that a company uses to create a unique identity for its products or services in the minds of consumers. This identity can include logos, taglines, packaging, and the overall aesthetic of the product, all of which help to distinguish it from competitors in the marketplace.

By establishing a strong brand, companies can foster customer loyalty, enhance perceived value, and ultimately influence consumer purchasing decisions. A brand often represents the reputation and quality associated with a product, making it a critical component of marketing strategy.

The other terms in the choices refer to different concepts. Price skimming involves setting a high price for a new product initially and then gradually lowering it, which is not directly related to brand identity. Product differentiation is the process of distinguishing a product from others to attract customers, but it does not specifically imply the use of names or symbols. Psychological pricing refers to pricing strategies that consider the psychological impact on consumers, which is unrelated to branding.