Added Value Flashcards
How can a business Add value
A business can add value to its product by lowering costs or adding something that will make customers willing to pay a higher price. This could range from unique selling points to better design or improving quality increasing branding or even greater speed of service. Also convenience of the product or location
Why is adding value to a business is important
The added value of a product goes towards paying off the companies costs the higher the added value the sooner the cost to be paid off and the sooner the business will make a profit the more value a business has on its products the more chance the business has to survive and succeed long term growth.
What is meant by the term unique selling point
A unique selling point is one way to add value to a product. This will also help a business compete as it will help a business understand customer needs and market mapping
What is the most successful Way to achieve added value
The business has to be able to keep costs down when adding new features or benefits to the customer
What is meant by the term added value
This is the increased worth that a business creates for product it is the difference between what a product pays its supplier and the price that is able to be charged for the product
