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What is value?

Management Dictionary
Marketing, Sales and Communication, Strategic Management

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Value, a key concept in economics, is defined from several perspectives: the labor theory of value (the labor necessary for production) and the notion of utility (usefulness to others). Today, value is also perceived through tangible attributes (e.g., camera quality) and intangible attributes (e.g., brand trust), as with the iPhone. The perception of this value determines the price and willingness to pay, which influences companies’ pricing strategies.

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Keywords

added value, cost, perception, Price, value, willingness to pay

Author(s)

ARREOLA Fernanda

Professeur de Stratégie et Entrepreneuriat

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