Define the Following Terms

question 40

Short Answer

Define the following terms
-qualitative interview

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Definitions:

Innovative Concepts

Original ideas or approaches that break from the norm or introduce new possibilities in products, services, or business models.

Competitive Advantage

The favorable position a business achieves through offering superior value to its customers as compared to competitors, often leading to greater sales or margins.

Cost Leadership

A strategic approach where a company aims to become the lowest-cost producer in its industry, often leading to competitive pricing.

Product Differentiation

A strategy that businesses use to highlight the unique features and benefits of their products or services, distinguishing them from competitors in the market.