Discuss the concept of value in the context of the consumption process. Your discussion of the concept of value needs to include the notion of utilitarian value and hedonic value.. Sociology

At the heart of the Consumer Value Framework (CVF) is value, which is a personal assessment of the net worth a consumer obtained from an activity. Value can be modeled using the value equation which relates, “ What you get” from dealing with the company or buying a product compare to “ what you give”. “What you get” includes benefits such as quality, convenience and prestige whereas, “what you give” includes sacrifices such as money, time and efforts.

Value = what you get - what you give

Value can be understood better by breaking it down into two types: utilitarian and hedonic. Utilitarian is value derived from the product that help the consumer with some task (the utilitarian value from buying a car is that it provides the consumer with mobility). Hedonic value is the immediate gratification that comes from experiencing some activities (the hedonic value from buying a luxury car is the prestige and feeling of achievement).