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By definition and example, who are the nouveau riche?
Market Share
The portion of a market controlled by a particular company or product, often expressed as a percentage of total sales in that market.
Skimming Pricing Strategy
A pricing approach where a relatively high price is set for a new product or service at its launch to maximize profitability before aiming at more price-sensitive customers.
Odd Pricing Strategy
A pricing strategy where prices are set slightly below a round number, e.g., $19.99, to make products appear less expensive.
Standardization
The process of implementing and developing technical standards to maximize compatibility, efficiency, and quality among products and systems.
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