adding value

    Cards (10)

    • 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