Value may be defined as the ratio of bundled benefits received to the cost incurred by the customer to receive those benefits.________ is not thought of as one of the costs.

Question

Quizplus · Accepted Answer

One can think of value as a ratio of benefits to costs, as viewed from the eyes of the beholder (the customer). That is, customers incur a variety of costs in doing business with any firm, be those costs financial, time, opportunity costs, or otherwise.

Value May Be Defined as the Ratio of Bundled Benefits