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It's not quite the value you provide. That's the ceiling. It's how much alternatives cost.
by phamilton 11y ago
It's not quite the value you provide. That's the ceiling. It's how much alternatives cost.
- ghkbrew 11y agoThe cost of the alternative is basically how value is defined in economic theory. Similar to the term "opportunity cost". There doesn't seem to be a better way to define value. You could say it's the subjective intrinsic value customer places on the item/service. But if you try to quantify that, you're left looking at the value of the things he's willing to give up to obtain it.