Added value
- Created by: Zoe
- Created on: 09-01-13 09:56
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- Added value - the difference between the price of raw materials and the finished product
- Factor of production - Inputs used in the production of product or service in attempt to make a profit.
- Land, Labour, Enterprise and Capital
- Transformation process - Changes made in a business or organisation which improve the company's employee and management participation in the development of a business. It can give a failing business a new life and ensure smooth operation of a company
- Cutting costs, advertising, usp features, location, personal service
- Benefits - Differentiates from competition, reduced sensitivity of demand to changes in price, charge higher price (higher profit margins)
- Factor of production - Inputs used in the production of product or service in attempt to make a profit.
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