How can each functional activity along the value chain add value to the product?Multiple select question.By complicating the productBy increasing the costBy lowering the costBy adding differentiated qualities
Question
How can each functional activity along the value chain add value to the product?Multiple select question.By complicating the productBy increasing the costBy lowering the costBy adding differentiated qualities
Solution
Each functional activity along the value chain can add value to the product in the following ways:
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By lowering the cost: This can be achieved through efficient operations, economies of scale, or through strategic sourcing of materials. Lower costs can make the product more attractive to price-sensitive customers, or allow the company to earn higher margins.
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By adding differentiated qualities: This can be achieved through superior design, high-quality materials, excellent customer service, or other factors that make the product stand out from its competitors. Differentiated qualities can make the product more attractive to customers, allowing the company to charge higher prices and earn higher margins.
The options "By complicating the product" and "By increasing the cost" are generally not ways to add value to a product. Complicating a product can make it less user-friendly and thus less attractive to customers, while increasing the cost can make the product less competitive unless it is accompanied by added differentiated qualities.
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