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Value is the worth, importance or usefulness of something. This can apply to assets, investments, businesses, products, services, environments, experiences, culture, art and information. The following are common types of value.
UtilityThe ability of a product or service to fulfill customer needs and preferences.Productive CapacityAn ability to generate future value. For example, a refrigerator that can be used by a restaurant to create value for a decade.The output something creates for a unit of input. All else being equal, an efficient thing is more valuable than an inefficient thing. For example, a high speed train that uses less electricity per passenger mile that the competition.
Things that save time and effort. For example, property located close to useful places is typically more valuable than property that is remote.ComfortExperiences that create a sense of well-being. For example, a business class flight is more valuable than an economy class flight largely because it is more comfortable.Visual AppealVisual appeal such as a city that is green with interesting architecture.
Sensory AppealTaste, smell, sound, touch and sensation such as the value of a fine meal.The value of experiences such as a thrilling theme park ride or friendly customer service.Things that send social signals such as a house at a fashionable address or a guitar brand that is respected by most guitarists.
IdentityThings that people personally identify with such as a designer fashion label that suits an individual's sense of style.Information, knowledge and data may have potential to produce future value. They can also have value on their own due to the common desire to learn and understand.Things that people value due to a shared history as a community, group or people. For example, a traditional festival that has value to locals and tourists alike.
Creative pursuits that may be judged to be priceless expressions beyond monetary value.Reliability such as a jet engine that rarely fails or a restaurant dessert that always tastes the same.PerformancePerformance such as a tablet computer that runs apps fast.Integration & CompatibilityThings that work well together such as a banking service that allows you to easily pay for goods at a wide variety of locations.
Things that allow you to reduce or transfer risk such as a safe vehicle or insurance.Products, services, environments and experiences that benefit, or at least don't damage, communities and the environment. For example, a city park that has value as a place for recreation, play, social activities and personal reflection.|
| Type | | | Definition | The worth, importance or usefulness of something. | | Related Concepts | |
Economics
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