A Company Can Offer Greater Customer Value by Either Charging

question 12

True/False

A company can offer greater customer value by either charging lower prices than competitors or offering more benefits to justify higher prices.

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Definitions:

BPI (Business Process Improvement)

A systematic approach to help an organization optimize its underlying processes to achieve more efficient results.

Operational Excellence

The philosophy of making continuous improvements in operations to enhance quality, efficiency, and customer satisfaction.

Mass Customization

A business strategy that combines the efficiency of mass production with the personalization aspects of custom-made goods or services.

Make-to-order

A manufacturing process in which products are created after a confirmed order is received, allowing for customization.