IGCSE, A Level Business Student Forum

10. Analyse possible advantages of adding value to a customer. [6]

Possible Structure:
[KN]
[AN]
[AN+]

[KN]
[AN]
[AN+]

[KN]adding value can increase customer satisfaction
[AN]this can improve the quality of product being consumed
[AN+]which allows customers to stay consistent on one brand without the element of risk

[KN]customers will also be less likely to waste money
[AN]with adding value customers will be able to get a product worth the price and not waste money on a worse quality product
[AN+]this would allow them to manage their finances better and fulfil necessities with greater ease

[KN]Increased customer satisfaction
[AN]Added value increases the quality of the product thus this allows the customer to enjoy higher quality products
[AN+]This leads to more convenience for customers

[KN]Innovation
[AN]Variety of products for customers to choose from
[AN+]Business and customer relation will improve and customer loyalty will increase

[KN] adding value to a customer can benefit in variety of ways as business can build a relationship with its customers
[AN] which will not only bring a good word of mouth but also encourage the customer to buy from the same place more often
[AN+] thus providing customer loyalty to the business
[KN] they can also increase market share
[AN]as by adding value to customers they can attract more customers
[AN+]and therefore increase sales

[KN] added value helps distinguish your product and give it a unique selling point
[AN] this helps the business achieve a competetive edge as value adding would give a reason to customers to switch to another brand from that of which they are existing customers.
[AN+] this would lead to incresed market share as more customers are encouraged to buy from the business helping it become a market leader.

[KN] adding value makes it more convenient to use a certain product due to its improvisations therefore customers are more satisfied
[AN] this allows the business to charge higher prices as more customers are encouraged to purchase it( demand for the product increases) making it more price inelastic
[AN+] higher profits due to higher prices so shareholders encouraged to invest more ( larger dividend payments)

[KN] This can improve the quality of product being consumed.
[AN] Adding value can increase customer satisfaction.
[AN+] Which allows customers to stay consistent on one brand without the element of risk.

[KN] Innovation.
[AN] Variety for customers to choose from.
[AN+] Business-Customer relation improves/Customer loyalty increases.

[KN] High quality
[an] Added value improves quality of a product and so consumers may be able to get value for their money
[an] leading to better SOLS


[KN]Innovation
[AN] Added value involves adding new features and updating the product with time which can encourage customers to stay engaged with the business
[AN] hence improve their relations with the business

KN: Price flexibility
AN: If the business improves the quality of its products customers will be satisfied and may become loyal to the business
AN+: and may even pay a high price of the product until they are satisfied
[KN]Innovation
[AN]sort of merchandise for clients to choose from
[AN+]commercial enterprise and patron relation will enhance and patron loyalty will growth

Sodais sajid wrote: ↑Tue Oct 24, 2023 8:53 pm KN: Price flexibility
AN: If the business improves the quality of its products customers will be satisfied and may become loyal to the business
AN+: and may even pay a high price of the product until they are satisfied
[KN]Innovation
[AN]sort of merchandise for clients to choose from
[AN+]commercial enterprise and patron relation will enhance and patron loyalty will growth

The linkage is a bit weak between the knowledge point and analysis of the first point. Also the second analysis can be improved as the sentence is not making sense.

(Kn) provision of Better quality products (an) this will result in the customers being satisfied with the goods (an+) such goods wont get worn out or break quickly and hence help greatly in their daily lives
(Kn) innovative products (an) this gives them new features and due to such up gradations they will keep buying from them (an+)this will enable them to do more work in less time increasing their productivity providing them with further benefits like a work life balance

[KN] by adding value to a customer a business can differentiate itself from its competitors
[AN] leading to a competitive advantage in the market by attracting more customers
[AN+] and potentially capturing a larger market share.
[KN] increased customer loyalty and satisfaction
[AN] more likely for customers to become repeat customers and spreading positive reviews around for new potential customers
[AN+] resulting towards a gradual increase is sales and promotion

10. Analyze possible advantages of adding value to a customer. [6]

[KN]it can enhance customer loyalty
[AN]When a business goes above and beyond to meet customer needs and expectations, customers are more likely to return and remain loyal to the brand
[AN+]also, by providing additional services, support, or features, customers are more likely to be satisfied with their purchases and overall experience

[KN]adding value to customers can also lead to higher profitability
[AN]thus, businesses can foster lasting connections and partnerships with their customer base.
[AN+]which further makes satisfied and loyal customers willing to pay premium prices for the added value

[KN]Customer loyalty and retention.
[AN]When a company constantly provides additional value to its customers, it builds loyalty and brand trust. Loyal customers are likelier to stay with the brand and make repeated purchases.
[AN+]This leads to long-term relationships, which is more cost effective than finding more customers.

[KN]Competitive advantages.
[AN]By offering something extra that its competitors do not, the business can differentiate itself in the market.
[AN+]This can lead to higher pricing power and increased market share.

[kn] achieving a high standard of consumer satisfaction
[an] customers will be willing to remain faithful to the business as they feel pleased with the quality of the products
[an+] they would not have to waste time looking for substitute products and hence remain loyal

[kn] delivering convenience
[an] by adding value to a product, cusomers may not mind having to pay more if they can recieve a product immedietly
[an+] thus saving them time

[KN] increased customer loyalty
[AN] Customers would remain loyal to a business as they would be receiving value added service and this will result in the customers being satisfied with the goods.
[AN+] thus customers would be satisfied as the would keep buying from the same brand.

[KN] Improved Online Reviews and Ratings
[AN] Satisfied customers are more likely to leave positive reviews and high ratings on online platforms.
[AN+] This can improve your online reputation and help attract new customers.