What is the primary objective of most businesses?

To promote sustainable practices

Which of the following best describes 'adding value' in a business?

Reducing the cost of raw materials

Increasing the selling price of the final product

Enhancing a product to exceed customer expectations

Offering discounts to attract customers

How can businesses add value through branding?

By increasing advertising spend

By creating a unique image and reputation

What is a common method of adding value through production?

Streamlining manufacturing processes

Increasing the number of retail locations

Which of the following is an example of adding value by improving customer service?

Offering a wide range of products

Providing free shipping and returns

Why is it important for a business to understand customer needs when adding value?

To ensure products are priced competitively

To create products and services that meet or exceed customer expectations

To streamline supply chain operations

How does innovation contribute to the process of adding value?

By reducing the need for marketing

By creating new and improved products or services

By increasing the number of distribution channels

What role does quality control play in adding value?

Ensuring the business operates within budget

Reducing the time taken to produce goods

Maintaining high standards to satisfy customer expectations

In what way can technology be used to add value to a product or service?

By improving the functionality and efficiency of the product or service

By reducing the variety of products offered

Why is customer feedback important in the process of adding value?

It helps to identify ways to cut costs

It provides insights into customer preferences and areas for improvement

It allows for the reduction of product prices

It enables the company to expand into new markets

Business Activity Free MCQ Practice Test with Solutions

	Business Studies for GCSE/IGCSE 70 videos\|94 docs\|25 tests

	Business Studies for GCSE/IGCSE 70 videos\|94 docs\|25 tests

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