This paper provides a structured conceptualization of “value for the customer,” mapping how perceived value varies by form, context, and time and offering a clearer theoretical foundation for customer value research.

“Value for the customer (VC) is any demand-side, personal perception of advantage arising out of a customer’s association with an organisation’s offering…”

It identifies multiple ways customers interpret value — from balancing benefits and sacrifices to outcomes from use and price comparisons — and explains how these perceptions influence satisfaction, choice, and competitive positioning.