What Is Customer Value, and Why Does a Small Business

question 67

Essay

What is customer value, and why does a small business owner need to be concerned about it?

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Definitions:

Oligopoly

A market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms), and in which there is typically nonprice competition.

Innovate

The act of introducing new ideas, devices, or methods to improve productivity, efficiency, or creating new products or services.

Innovation

The process of introducing new ideas, devices, or methods, often leading to technological progress or improved solutions.

Invention

The creation of a new product, service, or process, often one that has never been made before, resulting from study and experimentation.