Added value is a value that is added to a product and/or service that makes a product desirable to a customer which translates into what a customer is willing to pay for that product and/or service. A

Added value is a value that is added to a product and/or service that makes a product desirable to a customer which translates into what a customer is willing to pay for that product and/or service. At some point then the effects of diminishing return come into play as what price each customer is willing to pay, i.e. Will result in a shrinking market of who are willing to purchase that product and/or service.Example: The value-added chain for a tomato:The farmer owns the landA farmer tills the soil and adds fertile to the soilThe farmer plants the tomato seedFarmer water the seed/plantA farmer harvests the ripe tomato and packages it in cases and sells the casesThe price of the cases is dictated by the market, i.e. what the market will tolerate, and the farmer’s cost to produce the cases of tomato.The farmer sells his whole crop to a wholesaler because the wholesaler has the network and infrastructure to break down and sell the crop in smaller quantities of 1 case to multiple cases depending on the customer which adds value to the customer who only wants one case.The question is how can you use social media to add value to a product and/or service if at all?

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Added value is a value that is added to a product and/or service that makes a product desirable to a customer which translates into what a customer is willing to pay for that product and/or service. A

Added value is a value that is added to a product and/or service that makes a product desirable to a customer which translates into what a customer is willing to pay for that product and/or service. At some point then the effects of diminishing return come into play as what price each customer is willing to pay, i.e. Will result in a shrinking market of who are willing to purchase that product and/or service.Example: The value-added chain for a tomato:The farmer owns the landA farmer tills the soil and adds fertile to the soilThe farmer plants the tomato seedFarmer water the seed/plantA farmer harvests the ripe tomato and packages it in cases and sells the casesThe price of the cases is dictated by the market, i.e. what the market will tolerate, and the farmer’s cost to produce the cases of tomato.The farmer sells his whole crop to a wholesaler because the wholesaler has the network and infrastructure to break down and sell the crop in smaller quantities of 1 case to multiple cases depending on the customer which adds value to the customer who only wants one case.The question is how can you use social media to add value to a product and/or service if at all?

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550 words
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