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Product selection, development, design and process selection are among the most important strategic decisions of any organization because they directly influence competitiveness, customer satisfaction, cost efficiency and long-term growth. In the context of new and small enterprises, these decisions become even more significant because limited resources require careful planning and effective utilization. Product selection refers to the decision regarding what products or services an organization should offer in the market. It involves identifying customer needs, studying market trends, analysing competitors and evaluating the organization’s capabilities. A small enterprise must select products that have market potential, reasonable production costs and alignment with available resources. Proper product selection helps an organization reduce risks, attract customers and create a ____ _________ ____ _________ ___ _________ ______ _____.
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