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Added Value

The process of increasing the worth of resources by modifying them.

Businesses can achieve added value in several ways, including:

  • Differentiation: Offering unique or differentiated products or services that provide additional value to customers beyond the core product or service.
  • Innovation: Introducing new or improved products or services that offer customers additional benefits or features.
  • Customer service: Providing excellent customer service can add value by creating a positive experience and building customer loyalty.
  • Branding: Creating a strong brand can add value by differentiating the business from competitors and creating a positive image in the minds of consumers.
  • Pricing strategy: Using pricing strategies such as bundling, discounts, or loyalty programs can create added value for customers.

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