Adding value

Question 1

What is adding value?

Answer 1

• increasing the worth of a product by improving features or services, allowing it to be sold at a higher price.

Question 2

ways to add value (6)

Answer 2

1. branding
   2.customisation
2. good customer service
3. speed of service
4. packaging
5. loyalty offers

Question 3

what is the relationship between added value and profit?

Answer 3

.- the more value a business adds ( without large cost increase), the greater its potential profit margin