Question

from a customer's perspective, what is defined as a ratio of the bundle of benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits?

Answer 1

Value is defined as a ratio of the bundle of benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits

This is further explained below.

What are the costs incurred?

Generally, A cost that has been incurred is one for which a company has been accountable, even though the company has not yet gotten a bill from a supplier as evidence of the cost.

In conclusion, A cost is considered to have been incurred after the company has become liable for the cost.

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