Explain why a unique selling point (USP) is important to a business.

A Unique Selling Point (USP) is a feature or characteristic of a product, service, or brand that makes it stand out from the competition. Its importance lies in its ability to provide a competitive advantage. By having a clear USP, a business can: - **Differentiate itself:** In a crowded market, a USP helps a business to not get lost among similar offerings. - **Attract customers:** It gives customers a specific reason to choose their product over others. - **Justify a higher price:** If the USP is valued by customers (e.g., superior quality, unique feature), the business may be able to charge a premium price. - **Build brand loyalty:** A strong USP can become synonymous with the brand, creating loyal customers.