Value is crucial to lean product development (LPD) and set‐based design (SBD). Nevertheless, the literature needs to present more research on value definition and deployment to support exploring the design space. This scenario hinders the operationalization of lean initiatives in product development. This paper proposes a value deployment (VD) method for SBD, applying quality function deployment (QFD) matrices. We undertook a research action on the design of a TRL‐6 magnetic air conditioner. As a result, we aligned teams and development efforts toward value, building clarity and cohesion about the contribution of subsystems to product performance. Furthermore, VD enabled the integration of manufacturing in decision‐making. Our work paves the way for SBD in terms of practical relevance for industrial and systems engineering, assisting managers in adopting LPD and aligning integrated product teams toward value.