Added Value

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 and respond 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...