Added Value - Unit 1

Question 1

What does adding value mean?

Answer 1

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.

Question 2

How can a business add value? Name at least 4.

Answer 2

• USP
• Better design
• Improved quality
• Branding
• Greater speed of service
• More convenience
• Lowering cost

Question 3

The higher the added value, the quicker… (2)

Answer 3

Costs can be paid off and the quicker a business will make a profit.

Question 4

What is mix and match?

Answer 4

When products combine a range of features to add value and improve competitiveness.