Value is an outcome of the price and the benefits delivered.

Value = price + benefits

As marketers, we are normally consumed by price, it drives our priorities, measures our success, and dictates channel and NPD priorities.

Consumers by contrast, are generally driven by value. Yes, they will take the cheapest price in a category, all other things being even, and given marketers pre-occupation, it often is, but our task is to create value, not just deliver a price.