Which is the correct definition of value added?

MARKETING 2018
19th Edition
ISBN:9780357033753
Author:Pride
Publisher:Pride
Chapter13: Services Marketing
Section13.2: American Express Delivers Service With Calls, Tweets, And Apps
Problem 2C
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Which is the correct definition of value added?
 
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The amount your customer is willing to pay for your product or service
The amount of value to your customer realized by using your product or service
The price your customer would be willing to pay if you had just one competitor
The price you charge minus your cost to deliver
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