What is Cost? What is Price? What is Value?

 What is Cost? Cost is the amount spent for creating and delivering the product or service to its end user.

What is Price? Price is the amount charged from the end user for the product or service delivered.

What is Value? Value is nothing but price that end user thinks is the right price for the product or service delivered. It means the customer perception price is value.

So how does cost, price and value affect business growth?

When customer or end user finds that value of the product or service is much more than the price offered – he takes no time in paying for the product or service. It means if our product or service has lesser price than the customer thinks then it is more likely that it will be sold faster.