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1.This product is good value.
2.This product is of good value.

Are there any difference in meaning between "good value" and "of good value"?

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    There's no difference in meaning. The difference is we never use a preposition in the construction X is good value. I can't exactly say why the opposite applies with, say It is of sound construction. There are other related adjectival phrases where it's more a matter of stylistic choice (so This product is of poor design and It is poor design both seem "reasonable" to me). – FumbleFingers Sep 27 '16 at 16:08
  • "Never" is a long time, @FumbleFingers , and you know there are few with whom I would less rather contend, but this enquoted phrase search returns lots of counterexamples to your holding. Somebody is using "X is good value," and they seem mostly to be NAmE speakers. – P. E. Dant Sep 28 '16 at 0:00
  • @P. E. Dant: Perhaps you missed my point. Your link has many instances of the product is good value (with no preposition, as I said). Note this NGram, where the version with a preposition (it is of good value) doesn't occur often enough to chart. I'm a bit surprised that many AmE speakers seem to endorse it is a good value though - that doesn't sound good to my ear either. – FumbleFingers Sep 28 '16 at 12:45
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"Of good value" doesn't seem quite right. The phrase I'd use is "a good value" or just "good value", depending on the context. "The spinach I get from the farmer's market is a good value," or, "You should buy the economy-size detergent -- it's (a) good value for the money."

You can say "of good value" but in a sentence like, "What do we mean when we speak of 'good value'?" However, a more natural sentence would be something like, "What do we mean if we say something is 'a good value'?"

Of course "of good value" might seem natural to other English-speakers, so out of context I'd say it means roughly the same thing as "a good value".

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“Good value,” “of good value,” and “a good value” are all equivalent in meaning. They all describe a given product’s quality as being notably high relative to its price.

To my native AmE ear, “of good value” sounds a bit formal and “good value” informal. Perhaps not surprisingly, I find “a good value” most natural, e.g.,

At lunchtime, that restaurant is a great value: the food and service are both fantastic. The dinner menu, however, is a little pricier.

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