1. The difference between the price of a product or service and the cost of producing it. The price is determined by what customers are willing to pay based on their perceived value. Value is added or created in different ways. 2. The extra features of a product, service, or person that go beyond the standard expectations and provide something more, even if the cost is higher to the client or purchaser. Value-added features give companies a competitive edge and allow them to charge higher prices than their competitors.

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