What is value and who defines it?

Simple definition for VALUE : "What is wrong is wrong, even if everyone is doing it.
Right is still right, even if no one else is doing it.
Regarding who defines it :there's international standards for such issues.

value is the proposition a company can provide its customers for his moneys worth.
only the customer can define the value by the satisfaction he received from the product or service & he does it by his feedback upfrontly or by his actions that is by repeat business, recommending the company's product or service (referral), or acting as an apostle by spreading good word of mouth.

Value is defined by the group of people involved cohesively into an act.
There will be a proposer, then some one to take it ahead and finally someone to accept it.
Finally the auditor confirms the value proposition.