Read the following scenario carefully and attempt the tasks that follow. Value Addition as a Source of Business Ideas Value addition is a terminology that describes the action that an entrepreneur takes in enhancing a certain product or service and selling it as a new innovative idea. This is an attempt to improve the quality of a product by enhancing its features and/or functions. Value addition allows entrepreneurs to compete with already existing strong competitors by modifying a certain product and using the modified features as a competitive advantage. This incentivises the customers to purchase and try the product which in turn improves the sales for the business. Usually, the price f the new value-added product is more than the original product given that the customers' value perception for the new product is higher; they tend to believe that they are getting extra benefits from the modified product. Luban Oman (https://www.lubanoman.com/) is an example of an entrepreneurial venture that is based on value addition principal. Luban (frankincense) is one of the oldest commodities in Oman that is famous worldwide. The product has been and still is being used in its raw form. However, Luban Oman, a Muscat based business, has added value to this commodity by using it as a main ingredient in their cosmetic products, including facial oil, candles, lip balms, hair conditioners, ...etc. -Complete the following tasks: 1. Think of all the different products that you are currently using and analyse them by justifying how you could modify and change them to better products. (200 words) 2. Select one product of the different products that you've analysed and evaluate the possibility of turning this product into a business. (200 words) 3. Layout the basic background of your business idea (the products, the prices, target customers, place ...etc.). (200words) 4. Back up your answers with references - Minimum of 3 and maximum of 5 varied references. Note: Support your answers with concepts or theories with in-text citations/references Pg. 6 Version 1 ***END OF ASSIGNMENT TASK*** Guidelines to Students: The students need to meet the requirements of the following criteria