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Value Creation Is What the Firm Adds to a Product

question 50

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Value creation is what the firm adds to a product or service by virtue of making it; it's the amount of benefits provided by the product or service once the costs of making it are subtracted.


Definitions:

Personality

A combination of emotional, attitudinal, and behavioral response patterns of an individual that are unique and consistent across different situations and over time.

Principles of Perception

Fundamental aspects governing how individuals interpret sensory information from their environment, impacting their understanding and interaction with the world.

Selective Screening

A process by which individuals or systems filter information, allowing attention to be focused on the most relevant or critical data.

Perceptual Process

The perceptual process is the sequence of psychological steps that a person goes through in receiving and interpreting information from the external environment, involving sensation, attention, and interpretation.

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