Definition for Value
From Biology Forums Dictionary
1) The regard that something is held to deserve; the importance, worth, or usefulness of something.
2) Values represent basic convictions that "a specific mode of conduct or end-state of existence is personally or socially preferable to an opposite or converse mode of conduct or end-state of existence." They contain a judgmental element in that they carry an individual's ideas as to what is right, good, or desirable. Values have both content and intensity attributes. The content attribute says a mode of conduct or end-state of existence is important. The intensity attribute specifies how important it is. When we rank an individual's values in terms of their intensity, we obtain that person's value system.
2) In terms of business, the ratio for value can be expressed as (Benefits/Costs). Value compares a product's benefits with its costs. Benefits include not only the functions of the product, but also the emotional satisfaction associated with owning, experiencing, or possessing it. Costs include the price, the expenditure of the buyer's time, and the emotional costs of making a purchase decision.