In product development, value-added refers to the act or process by which tangible product features or intangible service attributes are bundled, combined or packaged with other features and attributes to create a competitive advantage, reposition a product or increase sales. By adding value to a product or service, businesses can differentiate their offerings from competitors and attract new customers. Standard value-added features include extended warranties, customer loyalty programs and additional services such as installation or delivery. As a result, businesses can develop a substantial competitive advantage and boost their bottom line by carefully considering which value-added features will benefit their target market.
VRIO in Product Development: How to Exploit Resources for Maximum Benefit
VRIO is a framework that can help you do just that. VRIO stands for Value, Rarity, Imitability and OrganizationRead on