1. Please explain the following statement in more detail/in-depth, thank you Value reflects the relationship of benefits to costs, or what you get for what you give. 2. What is value cocreation? Explain.
1. Please explain the following statement in more detail/in-depth, thank you
Value reflects the relationship of benefits to costs, or what you get for what you give.
2. What is value cocreation? Explain.
1. The Success of any business would greatly be dependent on the capability to beneficially convert the opportunity into an effective business model by adding bigger value to the resources than the value being added by the other market players. Higher the cost involved in value creation reaps higher benefits. Value creation heavily rely on the willingness of the customers to happily spend a sum on a product, however the customer will only spend a particular sum of money only when the utility derived from such a product provides maximum satisfaction i.e. higher the value of the product which will result in higher spendings by the customer, hence more profits.
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