Podcast
Questions and Answers
What is added value in the context of business?
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?
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?
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?
What happens if no value is added to the materials a business buys?
In the example given, why are customers willing to pay more for oven chips than for a bag of potatoes?
In the example given, why are customers willing to pay more for oven chips than for a bag of potatoes?
What do product and marketing teams constantly explore in order to increase added value?
What do product and marketing teams constantly explore in order to increase added value?
What strategy did Apple use to build a superior brand?
What strategy did Apple use to build a superior brand?
How did Persil improve convenience for customers using dishwashing liquid?
How did Persil improve convenience for customers using dishwashing liquid?
What is a key feature of Jo Malone perfume products that enhances customer experience?
What is a key feature of Jo Malone perfume products that enhances customer experience?
What allows MoonPig birthday cards to have a competitive advantage in the market?
What allows MoonPig birthday cards to have a competitive advantage in the market?
What feature of the Samsung Galaxy Watch 5 helps it stand out in the market?
What feature of the Samsung Galaxy Watch 5 helps it stand out in the market?
Which factor allows firms to charge higher prices for their products?
Which factor allows firms to charge higher prices for their products?
Flashcards are hidden until you start studying
