Many business managers are sure they know the answer to this question. Value is what they , in their business, define as quality, value in price. But this answer is misleading.
Marketing is the most important aspect of business today. It has changed the way how people perceive value of products. For example, todays teenagers see top-end branded clothing , shoes and other apparel of quality as high fashion and are prepared to pay high prices for them. Cheaper price or durability is no consideration for them. These young persons, some years later when they become parents value the same products differently. They no longer are looking just for high fashion but more for comfort and durability. Thus, toadys customer is no longer buying just the product but also the satisfaction to fulfil a need.
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