Final answer:
Value-adding strategies in business refer to actions and plans that increase the value of products or services, and action plans are specific steps to execute these strategies.
Step-by-step explanation:
In the context of business, value-adding strategies refer to the actions and plans that a company implements to increase the value and desirability of its products or services. These strategies should align with the overall direction and goals of the company and adapt to changes in the market. They may involve entering or exiting certain markets and staying competitive against other businesses.
For example, a value-adding strategy for a company selling smartphones could be to introduce new features or technologies that differentiate their product from competitors, thereby adding value for customers and making their products more desirable.
Action plans, on the other hand, are specific steps or measures that a company takes to execute their value-adding strategies effectively. These plans outline the actions and resources required to implement the strategies and achieve the desired outcomes.