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Answer Posted / h.r. sreepada bhagi
Cost (From the view point of a buyer)- Money
spent/expended/paid in acquiring a product or service. Here
cost may be expressed as Purchase Cost, Landed Cost,
Construction Cost, Implementation Cost (Eg. Software) etc.
Cost (From the view point of a seller)- Money spent/expended
in bringing the product in the selling condition & selling
it actually. In case of services all amount spent/expended
in selling/providing a service to a customer.
Price - In commercial terminology, it refers to the value at
which a product or service is offered/sold by a seller to a
customer. price is generally inclusive of Cost+Profit.
Prices are also expressed as MRP, Selling Price, Discounted
Price, etc.
Value - This term has varied meanings from different point
of view as below :
1. Face Value - Eg. Basic or nominal price of Equity Shares
or any other products.
2. Market value - Price at which the market is ready to pay
for a product or a service - Eg. Share of X Company with
Face Value of Rs. 10/- may have a market value of Rs.100-/
or Rs. 1000/- & generally it varies from time to time for
products & services, though not in uniformity for all
products & services.
3. Use Value - Its related to the use of a product or
service to a person. Eg. use value of 3 pens each made of
Gold, Plastic & Metal are the same for a person who wants it
for writing purpose only, but it's different for person who
is a collector of antiques. In other words, it depends up on
how the person uses it.
4. Intrinsic Value - The internal value of a product or a
service - Eg. The Intrinsic Value of a Golden pen is more
than a similar Pen made of Plastic or ordinary metal. Here
the product is valued based on it's content & not the
product meant for.
5. Esteem Value - Some products are possessed to show the
pride or esteem. They may not have any use value. They may
only show pieces, but the possessor of such things hold
those in high esteem and it's very valuable to him.
These terms can have more meanings and connotations for
different persons & from different angles.
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