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The 4 Ps: Price (Factors relevant when making pricing decisions…
The 4 Ps: Price
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Price elasticity
Inelastic: demand remains stable, e.g. basic food products
Elastic: if a price goes up, demand goes down, e.g. luxury goods
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Lean Manufacturing (lean production or simply lean) systematic method for the elimination of waste within a manufacturing system.
Perceived value: customers' opinion of the value of a product to them. The higher it is, the more customer is willing to pay. E.g. perfume, make-up.
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