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
Question 1
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 raw materials or inputs into a finished product that is worth more than the cost of the inputs. Businesses can achieve this by enhancing the product's features or improving its presentation, ultimately making it more appealing to consumers.
Step 2
Application: Hand-Packed Confectionery
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Answer
One way Bon Bon's adds value is by offering hand-packed confectionery. This personalized process enhances the perceived quality of the product and appeals to customers looking for unique and artisan options.
Step 3
Application: Traditional Flavours
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Answer
Another way Bon Bon's adds value is by incorporating traditional flavours into their products. This creates a sense of nostalgia and differentiates their offerings in a competitive market.
Step 4
Analysis: Convenience and Pricing
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Answer
By adding value through these methods, Bon Bon’s provides greater convenience to retailers and customers alike. As a result, customers may be willing to pay a higher price for these unique products compared to standard offerings.
