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Enhancing a Product or Service to Make It More Appealing

question 296

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Enhancing a product or service to make it more appealing to buyers is ________ utility.


Definitions:

Pure Competitors

Firms operating in a pure (or perfect) competition market, characterized by many buyers and sellers of a homogeneous product and freedom of entry and exit.

R&D

R&D stands for research and development, the process of investing time and capital in developing new products, processes, or services, or improving existing ones.

Competitive Industries

Industries in which multiple firms compete, often characterized by high levels of competition which drive innovation and efficiency.

Fast-Second Strategy

Fast-Second Strategy is a business approach where a company quickly follows innovators, improving upon their innovations or successfully commercializing them.

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