A good value is priceless

Whether selling or buying, using the language of “value,” rather than price, is critical.

By Holly O’Dell

• Price can be defined as: the amount of money asked for or given in exchange for something else.
• Valuecan be defined as: the desirability of something, often in terms of usefulness or exchangeability.
• Cost can be defined as: the value of the item
  less the price.

In the simplest terms, then, if a purchaser spends $50,000 on a product that earns $100,000 in profit, the net cost of the product is —$50,000. And a negative net cost is a definite value.

Holly O’Dell is a freelance writer based in Plymouth, Minn.