In a market, producers face competition with each other on the goods they provide, to stand out in these competition firms should make efforts to come up with products that will be regarded as best in the market by the consumers through value addition. The firms should do the following:
1. Provide goods with superior quality- Quality, in this case, is how the customer perceives the value of goods offered, the quality provided should stand out in the market. However, the price may be similar to other goods or reasonably different.
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2. Faster Delivery-Delivery speed increases the reliability of products from a particular producer. Therefore, Customer will prefer buying goods from the supplier who presents their goods in good time.
3. Offer expert guidance to your customers-Firms can add more value on the goods by providing expert advice that customers need to do what they want to do; this advice should be higher in comparison to that of the competitors.
4. Provide well-designed products, as well as good packaging-Companies, can improve the value of their goods by providing good looking products which are appealing to the eyes of the customers and well packaged.
5. Provide goods that are simple to use in comparison to that of your competitors.
6. Offer expert customer service for your goods and services in the market that stands out to that of your competitors.
In conclusion, companies should apply these strategies in their day to day business activities in order to outstand their competitors in any field of operation. When companies employ these tactic, they get a cutting edge over their competition.
References
How to Add More Value to Your Products and Services. (2018, April 4). Retrieved from http://www.entrepreneurshipinabox.com/13489/add-value-products-services/
