Captain’s log, stardate 20220419
The English language makes it really hard to have a meaningful conversation about value.
My favorite definition for value is from Ron Baker (paraphrased):
Value is the maximum amount a buyer would pay for something.
Given this definition, a sentence like, “This $1 case of paper towels is a great value!” makes no sense.
It confuses value with profit.
Getting a case of paper towels that you would have paid as much as, say $10 for, for only $1 is a great PROFIT for you because the PRICE is way lower than the VALUE you place on the product.
To put it another way, if the VALUE you assign to a case of paper towels is $10 (i.e., the max you’d pay) and the PRICE you pay is $1, then you got a $9 PROFIT because you would have paid $9 more.
To put it yet another way, the seller left a TON of money on the table.
You didn’t get a great VALUE, you got a great DEAL.
Which is to say, you captured a huge PROFIT in the transaction.