Value has a very amorphous description. It can mean very different things to different people.
Much of value is tied to perception. There can be two items of very different objective quality. However, if the consumer does not perceive any meaningful difference in the value of that product, they will be unwilling to pay more.
One example might be in diamonds. It takes a jeweler's loupe to be able to determine the difference between the finest grades of diamonds. A flawless diamond may cost ten or a hundred times one with a few tiny occlusions. If the customer doesn't perceive the difference, they won't pay extra.
A well-tailored suit may cost ten times as much as one off the rack. It may feature lots of special attention in unseen areas (stronger seams, higher quality fabrics, better overall construction). It might mean something to someone who wears a suit every day or appreciates the subtle differences between worsted wool and a polyester blend. It may mean nothing to someone who wears khakis every dat to work.
Sometimes what we don't see really can hurt us. It's nearly impossible for the lay person to be able to look at a structure and determine whether or not it meets building codes. When a disaster strikes, the extra money spent for little changes like hurricane-proof hangers for beams and joists might actually return their cost many times over!
I know that I often struggle in understanding the value in areas outside my own circle of knowledge. It's important to keep in mind as we work with other departments across the company.
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