Value is of vital importance to every business existence. The notion of value carries complex socio-psychological aspects. It is dynamic and multi-dimensional, based on tangible and intangible components. Managers that understand the value of their products and services and study the perception of value of their customers are immensely more competitive.
The concept of value is a corner stone in contemporary marketing and modern business. Yet its construct from a customer point of view, which is the marketing and psychological perspective, remains somewhat vague and shallow. Even the academic literature lacks consensus of opinions on what value is made of. Many entrepreneurs and managers also fail