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In a short essay, explain how the systems approach contributes to the understanding of management.
Perceived Value
The customer's evaluation of the worth of a product or service based on its ability to meet their needs and expectations, rather than its objective cost or value.
Cost Competitive Parity
A pricing strategy where a company sets its product prices based on competitors' prices to stay competitive.
Fixed Costs
Costs that remain constant regardless of the amount of goods produced or sold, including rent, wages, and insurance premiums.
Service Revenue
Income earned by a company through the provision of services to customers rather than the sale of physical products.
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