Briefly Define a Business Cluster

question 29

Essay

Briefly define a business cluster.Give a location that exemplifies a real-life example of a business cluster, which is not listed in the textbook.Describe why it should be considered a business cluster.

Understand the historical development and key concepts of the production era.

Recognize the importance of relationship management and its focus on long-term customer engagement.

Grasp the concept and significance of consumer orientation in product development.

Analyze workforce demographics and trends.

---

Definitions:

Direct Labor

The cost of wages for employees who are directly involved in the manufacturing or production of goods.

Factory Overhead

All indirect costs associated with manufacturing beyond direct materials and direct labor, such as utilities, maintenance, and depreciation.

Prime Costs

The direct costs of manufacturing an item, which typically include direct labor and direct materials.

Factory Overhead Costs

Costs incurred from running a manufacturing plant that cannot be directly associated with any particular product, such as utilities, depreciation, and maintenance expenses.