Adding Value

• What is the purpose of a business or enterprise?

  To produce goods and services for customers
• What does convenience in a product imply?

  It makes it easy for customers to use
• What is the significance of branding for a product?

  It creates brand awareness and allows higher pricing
• What term is used to describe high-quality products?

  High quality
• How does quality affect a product?

  It determines how good something is perceived
• What does design refer to in a product?

  How something looks
• What is a Unique Selling Point (USP)?

  A product's special point of interest
• How does adding value to goods and services benefit a business?

  • Makes products more appealing
  • Customers willing to pay more
  • Increases business revenue
• What is the outcome of making a good or service more appealing?

  Customers will usually pay more
• How does adding value impact a business's profitability?

  It increases the amount a business can make