What is value, and how to define it for a product?

Value is a complex and multifaceted concept that operates on two distinct planes: personal and professional. It can be driven by emotional satisfaction or utility at a personal level, and by strategic alignment, market appeal, and customer need at a professional level. The value of a product can differ based on who is assessing it, and it is often a shared understanding, a negotiation of perspectives, desires, and expectations. The term "value" is frequently used in business and product development, but it is not always a straightforward or universally shared concept. It can be a metric or a deliverable, and a shared understanding that requires navigating the ever-shifting terrain of meaning. The Oxford Advanced Learner's Dictionary offers four distinct dimensions for contemplating value's complex nature, including worth, usefulness, beliefs, and measurement. In the context of product development, three concepts - belief, value, and alignment - operate at interconnected levels, where a company's core beliefs are in harmony with the value it seeks to offer, and true clarity emerges. The concept of value has been defined in monetary terms, but in the digital landscape, value must be understood in broader, more nuanced terms, including the longer-term impact and the deeper resonance of products with users.