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Because of the Significant Investment Many Companies Have in the Products

question 272

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Because of the significant investment many companies have in the products they sell to customers, they must develop and maintain adequate varieties of products to meet their customers' needs. This is called


Definitions:

Appraisal Costs

Expenses related to the testing and inspection of products to ensure they meet quality standards.

Defects

Imperfections or faults in a product that detract from the product's value or functionality.

Services

Intangible products that provide value or fulfill the needs of customers, such as consulting, maintenance, or education.

Total Quality Management

A comprehensive management approach focusing on continuous improvement in all functions of an organization to achieve high-quality products and services.

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