Added Value Flashcards
(3 cards)
1
Q
Formula
A
difference between the cost of purchasing raw materials and the price for which the finished good is sold for.
2
Q
What is adding value
A
The process of increasing the worth of recourses by modifying it
3
Q
What are ways a business can add value
A
-Purchasing cheaper raw materials
-Improving the efficiency
-Raising the price of the product
-Achieving brand status
-Offering additional services
-Improving customer access or convenience
