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Explain one way in which a business such as Bon Bon’s adds value to the products it sells. - Edexcel - A-Level Business - Question 1 - 2022 - Paper 1
Question 1
Explain one way in which a business such as Bon Bon’s adds value to the products it sells.
Worked Solution & Example Answer:Explain one way in which a business such as Bon Bon’s adds value to the products it sells. - Edexcel - A-Level Business - Question 1 - 2022 - Paper 1
Step 1
Understanding adding value
Answer
Adding value refers to the process of transforming inputs into products or services that are worth more than the cost of the inputs. In other words, it's about enhancing a product's appeal and effectiveness, ensuring it meets consumer needs more efficiently.
Step 2
Application: Examples of value addition
Answer
Bon Bon's adds value through:
- Hand-packed confectionery: This personal touch enhances the overall experience for customers, making the product feel more special and unique.
- Traditional flavours: By offering flavors that are nostalgic or culturally relevant, Bon Bon’s caters to a specific market segment that values these connections.
Step 3