Meaning – Added value corresponds to the added bells and whistles that brands offer with their products, in order to make them stand out in the market.
The term added value applies in almost all areas where there is a software or product of any kind. The best example is smartphones. The smartphone market today is saturated with hundreds of brands, most of whom, are releasing their variants with features that you will find in many other offerings. In order to stand out in this competitive market, some of the brands add some unique features (software or hardware), in order to attract customers to their product. These additions are the added value in the smartphone.
The same trend is followed in almost all kinds of products, as it is true that today’s consumers always look for added value in a product before deciding whether they want to buy it or not.
Example of usage – “When I went to the electronic store to buy a new smartphone, I looked for the added value in the smartphones before making my choice”.