Examlex
What is a philosophy that aggressively seeks to improve product quality by eliminating causes of product defects and making quality an all-encompassing organizational philosophy?
Sneaker Manufacturers
Companies engaged in the design, production, and marketing of sneakers for various consumer segments.
Price Competitive
A market condition where businesses strive to offer their goods or services at lower prices than their competitors to attract customers.
Few Substitutes
A market condition where there are limited alternatives for a product, giving the product a higher degree of market power and potentially leading to higher prices.
Long Run Equilibrium
A state where all inputs can be adjusted by firms and all prices can fully adapt, leading to resource allocation where supply equals demand.
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