Which statement is true regarding cost and value?

The statement that is accurate in the context of cost and value is that value starts in the marketplace. This reflects the understanding that value is derived from what customers are willing to pay for a product based on their perceptions, needs, and market demand. It indicates that value is not inherent or fixed, but rather defined by the interaction between businesses and consumers.

In contrast, seeing cost and value as interchangeable fails to recognize the distinct roles they play; cost pertains to the expense incurred in creating a product, while value is based on customer perception. Claiming that just-in-time means having product always ready for the customer overlooks the concept’s primary objective of reducing inventory and aligning production closely with demand. Additionally, asserting that building and storage contribute value misses the point that accumulating excess inventory often incurs costs without adding value from the consumer's perspective. Hence, the correct focus is on how value originates from market dynamics.