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).