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Glossary / Lexicon

What is added value?

12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Added value is a term that can be used in a variety of ways, but generally describes a benefit to buyers or consumers. Value added can also be defined as the difference between the price a buyer pays and the value they receive for the product or service. Added value can be achieved through cost reduction, an improved product, a better service, a better experience, or better customer service.
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