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There is a significant group of consumers who expect simple and good products at a reasonable rate. In order to gain operational excellence, there are businesses that emphasize on offering products or services at the lowest range. In due course, such businesses incorporate a machine that would lower the production cost which in turn decreases the selling price to customers. Such companies do not introduce new or better products in market. They focus on to produce huge volume of products at lowest possible rates.
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This represents significant group of consumers who prefer quality products irrespective of cost. Businesses should cater quality and innovative products to achieve leadership in market. Businesses undergo continuous improvement programs to incorporate new ideas in products. They analyze the competitive attempts of industry rivals and emphasize on grasping greater share of market by staying one step ahead of them.
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