MANAGEMENT

Detailed explanation-1: -Value-added is the additional features or economic value that a company adds to its products and services before offering them to customers. Adding value to a product or service helps companies attract more customers, which can boost revenue and profits.

Detailed explanation-2: -The functions of marketing add value to a product. they make it more useful. The added value in economic terms is call utility.

Detailed explanation-3: -what is the term that refers to adding value to a product by making it more useful. economic utility. which market classification includes people who intend to use or benefit from products and do not buy them to make a profit? consumer market.

Detailed explanation-4: -There are four types of economic utility, which include form, time, place, and possession. Companies that can understand and recognize areas that are lacking in their marketing schemes can assess consumer purchase decisions and pinpoint the drivers behind those decisions, thus boosting their sales and profits.

Detailed explanation-5: -the ability of a good or service to satisfy a customer’s needs or wants; the five kinds of economic utility are form utility, time utility, place utility, information utility and possession utility.