Examlex
Strategic planning is an effort by which an organization defines the nature of the products and/or services it provides.
New Products
Items or services introduced into the market that offer novel features or benefits, distinct from existing offerings.
Reverse Engineering
The process of dismantling and examining a competitor’s product to understand its design, components, and functionality.
Creative Destruction
An economic theory by Joseph Schumpeter that describes the process through which new innovations replace outdated technologies, leading to industrial mutation.
Improved Product
Refers to a version of a product that has been updated or enhanced to add value or to better meet the needs of consumers.
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