Value refers to the worth or usefulness that something holds for individuals or organizations. It is subjective and can vary from person to person, or business to business, or from one context to another. Value can be seen as the benefits or advantages that something provides compared to the cost or effort required to obtain it.
Value is not solely determined by an item or service’s physical or intrinsic characteristics but also by the perception and preferences of the individuals or entities who possess or desire it. It is often influenced by personal needs, desires, emotions, cultural influences, social norms, and market conditions.
We all have our perceptions of value that never align with others. This is why some people purchase $500K automobiles and most don’t. Even at the higher cost, there is a perception of value. This dynamic comes into play in business, considering that we all need to form common opinions around value, even though each party has its own perception. This is most applicable when it comes to picking cloud computing services, and it is increasingly important to consider as this technology continuously becomes more mature and expensive.
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