added value

• What is the definition of added value?

  The difference between the price that is charged to the customer and the costs of input required to create the product
• How can a business add value through design?

  Develop new technology or features to make their product unique
• How can a business add value through production?

  Achieving quality and efficiency to ensure a higher price and cut costs of the input
• How can a business add value through marketing?

  Creating an image that makes the product more desirable
• Give three benefits of adding value?

  The more value added the higher the price can be charged

  Protection against competitors offering lower prices

  Customer loyalty which means repeat business