Added Value in Business Process
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Questions and Answers

What is added value in the context of business?

  • The total fixed costs of a business
  • The profit made by a business
  • The difference between customer price and cost of inputs (correct)
  • The cost of raw materials used

    • Why is adding value important for businesses?

  • To pay fixed costs and make a profit (correct)
  • To increase the cost of raw materials
  • To reduce product quality
  • To decrease customer satisfaction

    • Which of the following is NOT a common method to increase added value?

  • Reducing product quality (correct)
  • Branding
  • Offering more convenience to customers
  • Improving product design

    • What happens if no value is added to the materials a business buys?

    <p>Fixed costs cannot be paid, and no profit will be made</p> Signup and view all the answers

    In the example given, why are customers willing to pay more for oven chips than for a bag of potatoes?

    <p>Because oven chips have added convenience and value</p> Signup and view all the answers

    What do product and marketing teams constantly explore in order to increase added value?

    <p>Ways to enhance branding or product uniqueness</p> Signup and view all the answers

    What strategy did Apple use to build a superior brand?

    <p>Quality materials, innovative design, and good marketing</p> Signup and view all the answers

    How did Persil improve convenience for customers using dishwashing liquid?

    <p>Creating spill-proof tablets</p> Signup and view all the answers

    What is a key feature of Jo Malone perfume products that enhances customer experience?

    <p>Beautiful packaging for an exciting opening experience</p> Signup and view all the answers

    What allows MoonPig birthday cards to have a competitive advantage in the market?

    <p>Customisation options</p> Signup and view all the answers

    What feature of the Samsung Galaxy Watch 5 helps it stand out in the market?

    <p>Robust health tracking tools</p> Signup and view all the answers

    Which factor allows firms to charge higher prices for their products?

    <p>Innovative features and quality branding</p> Signup and view all the answers

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