Value added
Value added refers to the extra value that a company adds to a product or service during the production process. This can include improving the quality of the product, adding features that make it more desirable to customers, or providing exceptional customer service.
For example, a clothing company may add value to its products by using high-quality materials, offering unique designs, and providing excellent customer service. This can help differentiate their products from competitors and attract more customers.
Another example of value added is a software company that provides regular updates and support services to its customers. By offering ongoing value and improvements to their product, they can retain customers and generate repeat business.
In essence, value added is about going above and beyond to meet customer needs and expectations, ultimately leading to increased customer satisfaction and loyalty.
Some key points about value added:
- It can help companies differentiate themselves from competitors
- It can increase customer satisfaction and loyalty
- It can lead to higher profits and business growth
For more information on value added, you can visit Wikipedia.