F291

F291

Added Value
1. Sale Price - Cost of Producing
2. Value can be added by
  1. Building a Brand
  2. Delivering Excellent Service
  3. Offering Convenience
  4. Product Features and Benefits
3. Benefits of Adding Value
  1. Charge a Higher Price
  2. Focus More on a Target Segment
  3. Protection From Competitors
  4. Creating a Point of Difference from Competitors
Opportunity Cost
1. The cost of an economic choice in terms of the next best alternative foregone.
  1. Decision making always involves an opportunity cost.
    1. Decisions have to be made based on priorities.
Factors of Production
1. Capital
  1. Machines used to produce goods
2. Enterprise
  1. Ideas of business owners
    1. Organise Land, Labour & Capital
3. Land
  1. Raw materials
    1. Fish Stocks
    2. Oil
    3. Mineral Wealth
  2. Infrastructure
  3. Offices & Factories
4. Labour
  1. Physical and Mental Workforce
Stakeholders
1. Any Individual or group who affect or are affected by a firms operations.
  1. Customers
  2. Government
  3. Employees
  4. Suppliers
  5. Creditors
  6. Managers
  7. Shareholders
  8. Directors
  9. Consumers
  10. Local Communities
Economic Sectors
1. Primary
  1. Raw Materials
2. Secondary
  1. Manufacturers
3. Tertiary
  1. Retailers and Service Providers

Resource summary

	Created by curtiscahill96 over 10 years ago