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Business strategy
How cost of production affects business establishment.
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[QUOTE="King bell, post: 344777, member: 75687"] Production cost impacts business establishment in several key ways. Initially, it affects pricing and profitability, given that elevated production costs can result in increased prices thereby affecting customer demand and competitiveness. Additionally, reduced production costs may help companies to provide competitive prices and attract more customers. Secondly, the cost of production determines a business’s competitive advantage because lower costs allow for competitive pricing thus potentially capturing a larger market share. Finally, the cost of production influences the ability of a business to invest in growth and expansion with lower costs providing more capital for investments in various areas. [/QUOTE]
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