The diagram indicates the revenue distribution of a $299 30GB Apple iPod. Most of the "non-hardware costs" are product development (e.g., software and R&D) , but also includes advertising and retail costs. If the key industry argument has merit, what does this diagram suggest about which industries are actually key? 
Definitions:
Exit Price Approach
A valuation method that determines the price a seller would receive to sell an asset or transferred liability.
Transaction Costs
The expenses associated with buying or selling goods, services, or financial instruments, which may include commissions, fees, and bid-ask spreads.
Fair Value
A financial term for the estimated worth of an asset or liability, based on current market conditions.
Commercial Paper
An unsecured, short-term debt instrument issued by companies to finance payroll, receivables, and other short-term liabilities.
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