Value enhancement of retail properties Term Paper

Value enhancement of retail properties - Term Paper Example tenant and his customers. The next question is to ask â€Å"how is value enhanced?† The answer to this question connotes that value is not stagnant but can get better with time and through various processes of addition or subtraction. This process is referred to as value analysis or value engineering. According to the proponents of value analysis and value engineering, value can be enhanced by sustaining or making improvement on its performance and or reducing the overall cost of the project, product, service etc. The concept of value enhancement means maximizing the value of something, in our case, the retail property. Before value is enhanced there has to be a series of processes which establish value drivers and how they relate with the overall product service or business units (Kothandraman & Wilson, 2001). In the following sub-sections we will attempt to establish the fundamentals and assumptions of value enhancement by reviewing available literature on theories of value with regard to business processes, products and services. Through literature review we will also identify the value drivers with the aim of understanding the concept of value enhancement in relation to property management for retail chains (Zeithaml, 1988). Ideally the concept Value enhancement has been used in different field including but not limited to business management, land economics, engineering, finance etc. In most cases value enhancement will entail processes similar to value analysis or value engineering (Abd-Karim, et al., 2011). There are several value enhancement factors which can be applied to products, services and business processes and systems. These ways include quality enhancement, analysing the relationship between cost and function, improving the function of a product at low cost, adding functions of a product at no cost, innovation, instigating patent and protested rights, elongating the age of a product or