Value-added: Meaning, Usage & Importance

  • Value-added means any addition in the form of either improvements or upgrades in any product or service. The additions considered as value-added must all be made before the product or service reaches the end-users.
  • The concept of value addition can be applied to products, services, firms, management, or even business areas.
  • In addition, strong branding can add value to a product by using a company's logo to sell a product. What are the popular types of value added?
  • To improve customer satisfaction and add value to goods or services, getting the customer's feedback is essential. Surveys, polls, and customer service professionals add value to service this way.
  • Government- The government creates a conducive environment for value addition. The payment it gets in return is in taxes applied on such value additions at each stage.
  • Owners- At the end, owners or shareholders get the final claim of the value-added. Returns are in the form of capital gains or profits distributed as dividends.





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