Customer Value: What is it (really)?

Customer value, customer satisfaction, customer loyality and many more, the marketing literature is replete with information on them. It has been put forward that customer value is a source of competitive advantage.

Academics and marketers have always promoted the notion that in order to compete in this competitive landscape – one must provide superior customer value relative to competition. But really what is customer value?

Down to a simple formula; Would the below attempt be it? What are your thoughts? Any truth? Can it expand?

From the customer’s perspective:

Customer Value = (Quality + Emotional appeal + meet expressed needs + a hosts of other benefits) / Price.

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