The inherent worth of a product as judged by the customer and reflected in its selling price and market demand. For any product or service, customer typically values for: Quality, Price, Delivery, and Service etc.
Who defines the Value?
Value is always defined by customer.
Value in consumption and provision:
- Consumption is also a process: A series of actions consumers must perform to obtain the value they seek.
- Provision is also a process: The actions that providers must perform between the manufacturer and the customer to achieve the objectives of all three parties.
Today there is a gap between producers & customers that makes brilliant objects less satisfying in practice than in theory. We need to enter the age of lean thinking, seamlessly integrating provision and consumption.