adding value

• What is added value in business?

  Difference between selling price and input cost
• What are the ways to add value to a product?

  • Design: Unique and different products
  • Quality: High quality reduces costs, increases value
  • Marketing: Influences consumer willingness to pay
  • Convenience: Goods located near consumers
• How does design add value to a product?

  By making it unique and different from competitors
• What is the relationship between quality and added value?

  Higher quality can lead to lower production costs
• How does marketing contribute to added value?

  It makes consumers more willing to pay for products
• What role does convenience play in added value?

  Conveniently located goods can command higher prices
• Why might customers pay higher prices for conveniently located products?

  Due to lack of alternative products available
• What happens when consumers feel like buying a product?

  It is often due to effective marketing activities
• What is the effect of high quality on production costs?

  It can lower the costs of making the product
• What is the impact of unique product design on pricing?

  It may help charge higher prices