Value analysis An approach to cost reduction in which components are carefully studied to determine if they can be redesigned, standardized, or made by cheaper methods of production. (Philip Kotler)

Value chain Concept which describes the relationships between an organization's value activities from input to output; a model of value activities.

Value-added activities Activities which augment a customer's perception of a product's value.

Values
Definition #1. Values reflect the worth, significance or importance we attach to human actions and behavior.
Definition #2. Values is basic, perhaps unseated, principles and assumptions. In organizational terms this can relate to issues such as secrecy, market orientation etc.

Variance Difference between planned, budgeted or standard cost and actual cost; and similarly for revenue.
See also Budgetary control.

Variance analysis is the analysis of performance by means of variances. Used to promote management action at the earliest possible stages. After a budget (based on standard costs) has been set, its usefulness lies in the review procedures which compare actual results against the budget. Variance analysis is the process of examining in detail each variance between actual and budgeted/expected/standard costs to determine the reasons why budgeted results were not met (material costs too high, sales prices too low, etc.)

Vertical integration
Definition #1. Vertical integration is the extension of a firm's activities into earlier (backward integration) or later (forward integration) stages of production of its goods or services.
Definition #2. Vertical integration is a firm acquires a business or carries out a business which makes it its own supplier, or its own distributor.

Vertical marketing system A distribution channel structure in which producers, wholesalers, and retailers act as a unified system - either one channel member owns the others, or has contracts with them, or has so much power that they all cooperate. (Philip Kotler)

Virtual reality recreates a desired environment using a computer and headset allowing sensual experience of simulated situations, e.g. of a retail display or motor vehicle handling capabilities.

Voluntary codes are freely adopted guidelines to encourage desirable modes of behavior. Voluntary sector is made up of not-for-profit organizations which promote good causes by raising funds through donations.

Voluntary Groups Buying associations such as Spar and VG where individual retailers affiliate themselves to a wholesaler and agree to take the bulk of their purchases from that wholesaler.

Visible trade is the exporting and importing of physical goods.