Porter defined ________ as the amount of money a customer is willing to pay for a resource,product,or service.
A) margin
B) value
C) premium
D) cost

Question

Quizplus · Accepted Answer

Porter defined value as the amount of money a customer is willing to pay for a resource, product, or service. This is a critical concept in business as understanding the value proposition is key to determining pricing strategies and ultimately the success of a business. Margin refers to the difference between revenue and the cost of goods sold. Premium refers to the amount charged above the base price, while cost refers to the expenses incurred in producing a good or service.

Porter Defined ________ as the Amount of Money a Customer