The phrases “added value” and “extra value” are tossed around by many businesses these days. Some companies use these terms not because they know what they mean but because they’re nice-sounding catchphrases that might lure in customers.
Value is determined by the customer and not by what a business might say. If a customer needs 24-hour service, then free parking is not an added value. If a customer wants a salad, then an “extra value” meal with large french fries has no extra value.
Price is what you pay. Value is what you get.
– Warren Buffet
Adding value means a business goes beyond customer expectations. This is a relative scale because different customers have different expectations and needs.
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