Value is a highly subjective concept and depends upon the perception of each individual consumer. Customers will prefer to buy the product only if the perceived benefits are at least equal to the cost of the product.
Cultural background of the consumers also affects the perceived value. For example, in Japan pizza is served with tuna toppings while in US it is served with pepperoni toppings.
There are two aspects of value: Qualitative and Quantitative. Qualitative aspects are determined by the emotional, physical, social, environmental benefits derived from the product. On the other hand, quantitative aspects deal with financial gains in terms of percentage or simple currency.
Value plays a major role in marketing in terms of attracting consumers. Organizations must try to maximize the perceived benefits and minimize the perceived cost. Higher the value a firm can offer, greater would be the market share for that firm.