Added value

Question 1

What is operations management

Answer 1

Fulfilment of customer orders, takes inputs, processes them and creates outputs to distribute to customers

Question 2

What is added value

Answer 2

The value of the finished good or service over and above the cost of achieving it

Question 3

What are the 4 factors of production

Answer 3

Land, labour, capital and enterprise

Question 4

What benefit does added value have

Answer 4

High added value allows a business to charge a premium price and hence increase profit margins

Question 5

In which ways can value be added

Answer 5

Manufacturing, marketing, technology, customer service, USP, branding and celebrity endorsement