Examlex
Most of 3M's innovations are radical (i.e., significant breakthroughs) rather than incremental (i.e., building on existing knowledge bases and providing small improvements in current product lines) (Chapter 13 Strategic Focus).
Vertically Integrated
A company's consolidation of all or part of the production process and supply chain within itself, controlling different stages of production usually to increase the company's power in the marketplace.
Competitive Market
A market structure where numerous producers compete to sell their goods or services to many buyers, leading to efficient pricing and innovation.
Market Price
The present cost at which a product or service is available for purchase or sale in the marketplace.
Net Marginal Revenue
The difference between the marginal revenue earned from selling an additional unit of a product or service and the marginal cost of producing that unit.
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