The Sage Course Companion on Marketing is an accessible introduction to the subject that will help readers to extend their understanding of key concepts and enhance their thinking skills in line with course requirements. It provides support on how to revise for exams and prepare for and write assessed pieces. Readers are encouraged not only to think like a marketer but also to think about the subject critically. It is much more than a revision guide for undergraduates; it is an essential tool that will help readers take their course understanding to new levels and help them achieve success in their undergraduate course.

Added Value

Added value

Added value is the concept that companies exist to add value to the inputs they receive. The type of value added will dictate the firm's competitive advantage.

Adding value means that the company sells products that are more valuable than those it buys. In some cases the value is added by transforming raw materials or components into something that is more useful, in other cases value is added by applying a service component to a product or group of products.

Value is not necessarily added simply by inputting effort: the right effort needs to be made if value is to be created rather than destroyed, and the amount of value created will vary greatly according to the inputs the company gives. As an analogy, ...

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