Which of the following best describes 'running costs' in terms of product design?

The term 'running costs' refers specifically to the ongoing expenses that a product incurs during its use and operation. This includes costs such as energy consumption, maintenance, repairs, and any other expenses that arise from the day-to-day functioning of the product. Understanding running costs is crucial in product design, as it affects the overall cost of ownership for consumers and can influence purchasing decisions.

In product design, factoring in running costs can lead to more sustainable and user-friendly designs, as designers strive to create products that minimize these expenses while maximizing performance and efficiency. This understanding can ultimately enhance customer satisfaction and product longevity.

The other options focus on different financial aspects associated with a product. They do not encapsulate the ongoing operational costs that are central to the definition of running costs.