Final answer:
Creating products with added value involves product design, pricing strategy, and a marketing mix. Market analysis, physical component considerations, and the value of technology contribute to product differentiation and perceived value.
Step-by-step explanation:
Creating products with added value is achieved through a combination of product design, pricing strategy, and marketing mix. The marketing mix encompasses product, price, place, and promotion, which are essential in ensuring that a product meets the needs of customers while creating competitive advantage. A detailed design includes market analysis and taking into account the shapes and dimensions of all physical components. Moreover, engineers focus on the attributes of the product to determine its quality, and the value of the technology that goes into a product often surpasses the value of the physical materials used. Incremental design, an existing product or process modification, also plays a role in product differentiation, making consumers perceive products as unique compared to competitors' offerings.