Added value

Question 1

How is it done

Answer 1

During the transformation process (turning inputs into a valued output that can be sold for more than it costs)

Example - a hairdresser takes a person, wages and equipment and turns it into an enjoyable experience with a high quality hair cut/style

Question 2

Ways to add value

Answer 2

Building a brand (then allows you to charge higher prices)

Delivering excellent customer service

Adding product features that consumers value highly

Operating efficiently to reduce the cost of using inputs