V

Value
(1) the price paid for a good or service; (2) the customer’s subjective perception of the worth of a product.

Value analysis
a method of cost reduction in which components are examined to see if they can be made more cheaply

Value chain
the set of the firm’s activities that are conducted to design, manufacture, market and distribute and service its products

Value-added
the difference between the selling price achieved and the company’s costs.

Variability
a characteristic of services, namely that being delivered by people the standard of their performance is open to variation

Vicarious experience
the opportunity to experience situations or lifestyles to which an individual would not otherwise have access

Vicarious learning
learning from others without direct experience or reward

Video conferencing
two-way communication of both words and pictures via telephone lines

Video magazine
a video which disseminates a corporate message

Video news release
video coverage of a public relations event sent to television news