Added value Flashcards
1
Q
What is operations management
A
Fulfilment of customer orders, takes inputs, processes them and creates outputs to distribute to customers
2
Q
What is added value
A
The value of the finished good or service over and above the cost of achieving it
3
Q
What are the 4 factors of production
A
Land, labour, capital and enterprise
4
Q
What benefit does added value have
A
High added value allows a business to charge a premium price and hence increase profit margins
5
Q
In which ways can value be added
A
Manufacturing, marketing, technology, customer service, USP, branding and celebrity endorsement
