Increased Competition Has Placed a Premium on Customer Satisfaction and the Development

question 59

Short Answer

Increased competition has placed a premium on customer satisfaction and the development of __________ products and services.

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Definitions:

Fast-Second Strategy

A business approach where companies wait for others to innovate and then quickly follow with improvements and competitive positioning.

iPhone

The iPhone is a line of smartphones designed and marketed by Apple Inc., featuring a multi-touch screen, internet connectivity, and a wide array of applications, revolutionizing personal communication and media consumption.

Innovation

The introduction of new ideas, methods, or products, which can drive economic growth and enhance efficiency or quality.

Invention

The creation of a new product or process through the use of unique ideas or the innovative recombination of existing ideas.