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Explain one way in which a business such as Bon Bon’s adds value to the products it sells. - Edexcel - A-Level Business - Question 1 - 2022 - Paper 1

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Question 1

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Explain one way in which a business such as Bon Bon’s adds value to the products it sells.

Worked Solution & Example Answer:Explain one way in which a business such as Bon Bon’s adds value to the products it sells. - Edexcel - A-Level Business - Question 1 - 2022 - Paper 1

Step 1

Understanding adding value

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Answer

Adding value refers to the process of transforming inputs into products or services that are worth more than the cost of the inputs. In other words, it's about enhancing a product's appeal and effectiveness, ensuring it meets consumer needs more efficiently.

Step 2

Application: Examples of value addition

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Answer

Bon Bon's adds value through:

  1. Hand-packed confectionery: This personal touch enhances the overall experience for customers, making the product feel more special and unique.
  2. Traditional flavours: By offering flavors that are nostalgic or culturally relevant, Bon Bon’s caters to a specific market segment that values these connections.

Step 3

Analysis: Impact on retailers/customers

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Answer

These value additions provide retailers and customers greater convenience and satisfaction. As a result, retailers may be willing to pay a higher price for Bon Bon's products, benefiting the business's profitability.

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