1.1.6 Adding value Flashcards
1
Q
How can a business add value to a product or service?
A
- Convenience and speed
- Good Design
- High quality manufacture or service
- Brand name
- Unique selling point
2
Q
What is Branding?
A
giving a product or service
‘personality’, with a name and logo that makes it stand out.
3
Q
What is a unique selling point? (USP)
A
an original feature of a product that rivals aren’t offering.
4
Q
What is added value?
A
the difference between the
selling price and the cost of bought-in goods and services (the difference that creates the possibility of profit).
5
Q
How do you calculate added value?
A
Selling Price - the cost of bought-in materials and components.
