Examlex
What is environmental scanning? How is it used in marketing?
Market Power
Refers to the ability of a company or firm to raise and maintain prices above the level that would prevail under competition.
Raise Price
The action of increasing the cost at which goods or services are sold, often to reflect increased costs or to improve profit margins.
Broadly Defined
Describes something that is regarded or classified in a very general and inclusive manner.
Substitutes
Goods or services that serve as alternatives to each other, where a rise in the price of one results in a higher demand for the other.
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