There is value from form, location, time, ownership, and information. First, consider value from the form of the product. Growers can produce the best sugar beets, or wheat, or cattle. However, most people do not want and probably will not know what to do with sugar beets, wheat, or cattle because they are in the wrong form. Sugar beets have more value, or provide more satisfaction to most people if its form is changed to sugar, and even more if sugar is changed to candy or soft drinks.
Wheat gives more satisfaction as flour, or bread and pasta.
A steer provides more satisfaction as steaks or hamburger. There is also value in clean and uniform apples, crisp lettuce, and tray packs of tomatoes. Specific functions include cooling, processing, cleaning, sorting, and packing. Second, satisfaction can be obtained from the location of a product. The product is in the wrong place.