Added Value - Unit 1 Flashcards
1
Q
What does adding value mean?
A
When a business creates a product where the price they pay their suppliers is cheaper than the price they charge for the product; therefore they are making a profit.
2
Q
How can a business add value? Name at least 4.
A
- USP
- Better design
- Improved quality
- Branding
- Greater speed of service
- More convenience
- Lowering cost
3
Q
The higher the added value, the quicker… (2)
A
Costs can be paid off and the quicker a business will make a profit.
4
Q
What is mix and match?
A
When products combine a range of features to add value and improve competitiveness.
