Activities which augment a customer's perception of a product's value. Values reflect the worth, significance or importance we attach to human actions and behavior. Values is basic, perhaps unseated, principles and assumptions. In organizational terms this can relate to issues such as secrecy, market orientation etc. See also Budgetary control .
Variance analysis is the analysis of performance by means of variances.
Used to promote management action at the earliest possible stages. Vertical integration is a firm acquires a business or carries out a business which makes it its own supplier, or its own distributor. A distribution channel structure in which producers, wholesalers, and retailers act as a unified system - either one channel member owns the others, or has contracts with them, or has so much power that they all cooperate. Virtual reality recreates a desired environment using a computer and headset allowing sensual experience of simulated situations, e.g. of a retail display or motor vehicle handling capabilities. Voluntary codes are freely adopted guidelines to encourage desirable modes of behavior.