Prices are often set to satisfy demand or to reflect the premium that
consumers are willing to pay for a product or service. Some critics
shudder, however, at the thought of $2 bottles of water, $150 running
shoes, and $500 concert tickets. As an executive for a large
multinational corporation I am meeting with other managers to discuss
the following topic: Is the right price a fair price? Prices should
reflect the value that consumers are willing to pay. vs. Prices should
primarily just reflect the cost involved in making a product or
service

I'm not sure if you are asking a question here or making a statement.
However, my 2 pence worth coming from a consumer and a previous
manufacturer.

Consumers are becoming far more wiley and are generally shopping
around for "the deal" more. Maybe this is a reflection that brand
value means less now and overall price is more important.

The biggest question you pose is what is "value". In value do you
include Quality and Brand recognition. Many consumers will be willing
to pay a premium for just that whilst others just want low price. I
was once given a very simple formula which seems to work well. Your
products Perceived Value (V) is given by Quality(Q) multiplied by
Convenience (C) and divided by price (P) i.e. V=Q.C/P  What you need
to do is use this formula to score yourself against your major
competitors. Just use a scale of 1-10 for each item. You do it and
your senior managers do. Then get some lower level staff do the same
thing and maybe some consumers. You may be surprised by the result and
how you view your value versus others.
A good example of how this has worked recently is the CD industry. The
supermarkets are doing a storm on music titles versus the traditional
music shop. Why? Q is exactly the same. P is slightly lower but C is
much higher because you do it as part of your weekly shop, so overall
V is way up on the CD shop. Personally I still think that brand does
carry a lot of weight even though consumers are becoming more wiley.
However, it is what that brand stands for. If the brand carries good
quality and superb after sales serive then the Q factor obviously
takes  a leap.
Hope that helps.

THANK YOU