Adding Value Definition
In business, the term ‘adding value’ is used to describe the process of creating something that is worth more than the sum of its parts. When a company creates a product or service that provides more value than what it costs to produce, it has added value.
Value can be added in many ways, but some common methods include improving the quality of the product, increasing the features or benefits, or making it more convenient or easier to use. Adding value can also mean creating a unique product or offering a unique customer experience.
Ultimately, businesses need to add value in order to remain competitive and keep customers coming back. By constantly striving to improve their products and services, companies can ensure that they are providing maximum value for their customers.
