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Initiating and responding to price changes refers to the strategic actions taken by businesses to adjust their pricing in reaction to market conditions, competitor pricing, or changes in costs. Initiating price changes involves setting new prices based on factors like demand fluctuations or cost increases. Responding to price changes entails adjusting one's own prices in reaction to competitor actions or market trends to maintain competitiveness and profitability. Effective management of these changes is crucial for optimizing sales and market positioning.

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4d ago

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