Customer Value - “a customer perceived preference for and evaluation of those products attributes, attribute performances, and consequences arising from use that facilitate (or block) achieving the customer’s goals and purposes in use situations” (Kotler, 2010).
Two aspects of value :
Customer desired value (CDV) – the value that customer perceives to be what he or she wants to happen in a specific use situation.
e.g. customers purchase washing powder because they want to clean dirty clothes.
Customer Perceived value (CPV) - value as trade off between quality and price.
E.g. Customers perceive lower value for lower price.