Offering your customers something extra like free service or parts supply allows you to increase the value of your item. In such a case, a client may not change the loyalty with your brand. A business can offer a lot of benefits to differentiate itself. This justifies the difference between its buying price and selling price called the value addition. The article explains the concept of value added in business.
Business activity is more than just selling something for money. It includes offerings that meet the lawful needs of others. The activity is intended to generate a profit, but the risk of loss and uncertainty are inherent in any business activity. It necessitates entrepreneurial abilities and involves choices, decisions, and opportunity costs. The article explains the fundamentals of business activity and how it is primarily about efficiency and organizing resources.