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Value added
Price of product/service - cost of production
Strategies to add value
Reducing the cost of inputs like raw materials And compliments by negotiating his suppliers for lower prices and improving productive efficiency that will reduce wastage
Making consumers desire the product more so that they Are willing to pay a higher price. This may involve innovations to the product like adding new features and marketing strategies like sales promotions and advertising.
Improving customer service
Strategies that add value
- Reducing unit cost by increasing productivity to training updating technology and specialization
-Using reproduction that increases quality and reduces waste
-Sales promotion packages like buy one get one free and bargain packs
-providing customer support online or directly
-Persuasive Advertising that make the product appear highly desirable
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