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Creative Product Differentiation Can Enable a Small Business to Increase

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Creative product differentiation can enable a small business to increase market share.


Definitions:

Merit Pay

A pay increase given to employees based on their performance, as a reward for achieving specific goals or outstanding work.

Lump Sums

A one-time payment for a sum of money, rather than a series of payments over time.

Raises

An increase in salary or wages, typically awarded to an employee based on performance, market adjustments, or as part of a promotion.

Merit Pay

A compensation strategy that rewards employees based on their performance and achievements, rather than on seniority or hours worked.

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