difference between cost of materials and selling price the difference between the cost of bought-in materials and the eventual selling price of the finished product
valuable distinguishing features of product or service the features that differentiate one product or service from another, and thus create value for the customer. Value added is a customer perception of what makes a product or service desirable over others and worth a higher price. Value added is more difficult to measure without a physical end product, but value can be added to services as well as physical goods, through the process of value engineering.
Related definitions of "value added"
- Also called added value