Merriam-Webster defines value as relative worth. My definition of value is “What you get” divided by “What you give.”

Simple enough, right?

But value is often – incorrectly – considered a four-letter word. There have been too many marketing textbooks that for too long have defined a value brand as, basically, low-cost. That’s only half the equation.

The idea of paying more to get a better value is not heretical. Unless you are in a meeting discussing marketing. Do we really have that low a perception of what the product is?

I would like to make 2010 the year of killing words that no longer make sense to use. And I’ll begin with “value” in the pejorative sense. (“New” media, you’re next.) We need to understand what people value, not just what people will pay.

And to brands, understanding that has value.

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