Final answer:
Product elimination is the process of removing products from a company's product mix due to customer dissatisfaction or other factors. An example is the clothing industry moving manufacturing to China. It is a strategic decision made by companies.
Step-by-step explanation:
The process described in the question is known as product elimination. It is when a company decides to remove certain products from its product mix because they no longer satisfy enough customers. This can be due to various reasons such as changes in customer preferences, declining demand, or the products becoming obsolete.
One example of product elimination is the clothing industry. Many clothing corporations have shut down their U.S. factories and relocated to China due to factors such as lower production costs and access to a larger market. This decision to close factories and stop manufacturing certain products is a form of product elimination.
Product elimination is a strategic decision made by companies to optimize their product mix and focus on the products that are more profitable or align better with market demands.