Added value is an implicit idea of worth that extends beyond the functional requirements or basic use of a product or service to satisfy (>) need. Added values communicate essential information about a company or (>) brand’s culture, values, and attitude to consumers, and are therefore crucial to how they perceive andrespond on an emotional level to branded products.
For example: a luxury sports car’s added value may be to build male ego or afford the user particular status within a community; the purchase of certain brands of organic produce may come with the added value of promoting environmental (>) sustainability or animal rights protection; and wearing clothing from sweatshop-labor free fashion labels has the added value of supporting fair trade practices. It is particularly interesting to note how a product’s added value might appeal to a consumer’s personal values, and inspire him or her to be more environmentally or socially responsible (> Ethics). Because added value not only promotes but encourages consumers to bond with brands, it is highly influential in product ifferentiation and consumer decision making. As a result, the concept of added value is becoming increasingly important within oversaturated markets in particular.
Advertisement, Branding, Value
