Final answer:
The relationship between benefits and costs from a customer's perspective is known as value, which includes the consideration of utility and the Law of Diminishing Marginal Utility.
Step-by-step explanation:
From the customer's perspective, the relationship between a product's or service's benefits and costs is called value. Value is essentially the worth that consumers perceive in a product or service based on the balance of benefits received versus the costs incurred. This concept of value takes into account the utility, which is the satisfaction or usefulness gained from consuming goods and services. According to the Law of Diminishing Marginal Utility, the first units of consumption provide more satisfaction (or utility), and as consumption increases, the additional satisfaction obtained from consuming additional units decreases.