Adding value refers to the difference between the price received for a finished good or service and the costs of inputs required to produce it. This value added can be calculated by taking revenue and subtracting total costs. A business owner created Tyrrell's Potato Chips by taking potatoes, a commodity, and adding value through distinctive flavors, packaging, and hand-fried preparation to create a premium branded product. Businesses can add value through branding, customer service, product features, efficiency, convenience, and unique selling points. Signs that a small business is adding value include strong gross profit margins, repeat business from satisfied customers, and good brand recognition.

1. Adding Value

2. What is meant by “adding value”? Adding value = the difference between the price of the finished product/service and the cost of the inputs involved in making it

6. The Importance of a USP Something that sets a product apart from its competitors in the eyes of customers, both new and existing

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