Examlex
Continuous improvement is based on the philosophy that not every aspect of an operation can be improved.
Inelastic Product
A product or service whose demand does not significantly change with variations in its price.
Substitutes
Products or services that can be used in place of another to satisfy consumer needs or desires.
Skimming Strategy
A pricing approach where a high price is set for a new product to maximize profits from customers willing to pay high prices before lowering the price over time.
Penetration Pricing
A pricing strategy where a product is introduced to the market at a very low price to stimulate demand and gain market share quickly.
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