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Types of Value Additions

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Enumerate various types of value additions. Value addition is used to improve the products and services. The various types of added values can be applied together irrespective of the current product or service cycle. - Quality added value: This consists of adding - convenience - ease of use - or any other characteristics that the customers 💗 value - Examples: Converting a commodity into branded product or design improvements by adding pull tabs for easily opening or sipper tops on beverage bottles. - Environmental added value: Providing environment friendly methods or systems which are eco-friendly. Something like using - less electricity - increased fuel efficiency - using recycled packaging material etc. - Cause-related added value: This is a social marketing strategy where in the business contributes part of the revenue from the sale of a product or service to contribute to a cause. Examples include a business donating a percentage of revenue from each transaction to a cause such as providing quality education to the underprivileged children or contributing to the wildlife preservation. - Cultural added value: This is also a social marketing strategy where in the the methods or systems of production incorporate cultural aspects or they allow for the needs and sensitivities of cultural groups. For instance, promoting halal food (considering the Islamic standards) or using the language used by other ethnic groups in a community in all the written communication. Additional content on this topic can be found at http://www.eduxir.com/curriculum/cbse/class-xii/entrepreneurship/enterprise-growth-strategies/
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