Value is low price. E.g. the customer wants a bargain. Stop doing all of the activities that do not directly contribute to product value.
Value is whatever I want in a product. E.g. the customer wants to experience owning an exclusive brand pair of trainers rather than just any old trainers. This is marketing.
Value is the quality I get for what I pay. E.g. the customer expects more for his money.
Value is what I get for what I give. E.g. taking absolutely everything in account, the customer considers a particular luxury car to be worth the money and the wait, if there's a delay in delivery. It's not just about the money.
Structure your organisation and arrange your process so that value can flow from your company to your customer. Any activities that are not adding value for your customer are waste.
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define value as some combination of the following: