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Identify the levels of strategic managers and discuss their role in the strategic management process.
Variable Cost
Costs that vary directly with the level of production or the volume of services rendered, such as raw materials and direct labor.
Fixed Costs
Costs that remain constant regardless of the amount of products or services a company generates, including expenses like lease payments, wages, and premiums.
Break-even Point
The volume of production or sales at which total revenues equal total costs, resulting in neither profit nor loss.
Variable Cost
Expenses that vary directly with the level of production or sales volume, such as raw materials and direct labor.
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