Added value

What is the definition of adding value in a business context?

• The total cost of production

• The difference between the selling price and the cost of inputs

• The selling price of a product

• The cost of labor involved in production

Which of the following is a method to increase added value?

• Increasing the cost of inputs

• Decreasing the selling price

• Reducing costs

• Increasing the number of employees

Why is adding value important for a business?

• It allows a business to charge lower prices

• It helps a business's products stand out from competitors

• It decreases the market share

• It reduces the need for marketing

Which of the following is NOT a way to add value?

• Developing a unique selling point (USP)

• Increasing production time

• Branding

• Changing the packaging

What is the result of successfully adding value to a product?

• Decreased profits per unit

• Increased market share

• Lower customer satisfaction

• Higher production costs

How can a business differentiate its products to add value?

• By reducing the number of features

• By lowering the quality of materials

• By increasing the production time

• By offering exceptional customer service

What impact does adding value have on customer loyalty?

• It increases customer loyalty

• It has no impact on customer loyalty

• It decreases customer loyalty

• It makes customers indifferent

Which of the following strategies can help in adding value to a service?

• Limiting customer interaction

• Increasing the service cost without improvements

• Offering personalized experiences

• Reducing the service hours