Value-added product
Value-added product
A value-added product (pronunciation: /ˈvalyo͞oˌadəd ˈprädəkt/) is a product that has been modified or enhanced to increase its value or worth. This term is often used in the healthcare industry to refer to products that have been improved through the addition of related services or features.
Etymology
The term "value-added product" is derived from the concept of "value added", which refers to the increase in worth that a product or service gains when it is modified or improved. The term "product" refers to a tangible item or an intangible service that can be offered to a market to satisfy a want or need.
Related Terms
- Value-added service: A service that is added to a basic product to make it more appealing to customers.
- Product enhancement: The process of improving a product's features or quality to increase its value.
- Healthcare industry: The range of companies and non-profit organizations that provide medical services, manufacture medical equipment or drugs, provide medical insurance, or otherwise facilitate the provision of healthcare to patients.
See Also
External links
- Medical encyclopedia article on Value-added product
- Wikipedia's article - Value-added product
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