Business GCSE
Value for money
What Value for money means in Business GCSE, as defined for AQA.
Definitions of Value for money
Exam boards and our study guides word this term in slightly different ways. Learn the version your board uses.
Check what you remember
Read the wording for your board, then hide it and explain Value for money in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The overall worth of the purchase to the business, judged against the needs of the operation, so the cheapest option is only best when it meets the required specification.
When the benefits and features of an offer are worth the price asked, so customers buy.
Topics that use Value for money
- Identifying and understanding customers (AQA GCSE)
- The role of procurement (AQA GCSE)
Related terms
- Adapting the mix over time
- Analysing supplier choice in context
- Best value
- Brand reputation
- Buffer stock
- Business strategy
- Competitive advantage
- Competitive advantage and business survival
Using Value for money in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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