Existing definitions of customer value reveal a surprising diversity of meanings: Value is the consumer's overall assessment of the utility of a product based on perceptions of what is received and what is given. 

Value in business markets [is] the perceived worth in monetary units of the set of economic, technical, service and social benefits received by a customer firm in exchange for the price paid for a product, taking into consideration the available suppliers' offerings and prices. Buyers' perceptions of value represent a tradeoff between the quality or benefits they perceive in the product relative to the sacrifice they perceive by paying the price. Customer value is market perceived quality adjusted for the relative price of your product.  By customer value, we mean the emotional bond established between a customer and a producer after the customer has used a salient product or service produced by that supplier and found the product to provide an added value.

At first glance, commonalities among these definitions stand out. For instance, customer value is inherent in or linked through the use to some product. This characteristic distinguishes customer value from personal or organizational "values," those centrally held and enduring beliefs about right and wrong, good and bad that cut across situations and products or services. In addition, customer value is something perceived by customers rather than objectively determined by a seller. Finally, these perceptions typically involve a trade-off between what the customer receives (e.g., quality, benefits, worth, utilities) and what he or she gives up to acquire and use a product (e.g., price, sacrifices).

Where customer value concepts diverge. Delving deeper into customer value concept discussions reveals substantive meaning differences. One difference lies in the way definitions are constructed. They typically rely on other terms, such as utility, worth, benefits, and quality, that, too often, are themselves not well defined. That makes it difficult to compare concepts. For example, is customer value as quality the same thing as customer value as worth or as benefits? Is a benefit built into and part of a product, or is it something that customers experience as the result of using a product in a use situation? We cannot answer these questions without examining exactly what these secondary concepts mean. On the positive side, exploring these differences may lead to a deeper understanding of customer value. Customer value concepts also differs as to the circumstances within which customers think about value.

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