Pleasing stakeholder is a decision to relieve the pressure.

Output is a means to an end.

Value is changing something for the better. It depends on your context. For example, e-commerce, creating a referral program is an output, value is created once real people bring their friends to the platform, and business gets a new customer aqcuisition channel.

Output may create value, you have to measure the impact of it, inspect and adapt, and sometimes drop it.