Added and Creating value

Question 1

What is added value?

Answer 1

Difference between the purchasing costs of bough in materials and the price the finished goods are sold for

Question 2

What is creating value?

Answer 2

Increasing the difference between the cost of purchasing bough in materials and the price the finished goods are sold ofr

Question 3

Give an example of added value?

Answer 3

If a chef cooks spaghetti the quality of the chef can increase the value of the spaghetti. Additionally, the dining experience can also add value

Question 4

Five ways for a business to add value?

Answer 4

Quality 
Convenience 
USP 
Design 
Branding

Question 5

Added value formula?

Answer 5

Price of finished product- Cost of raw materials