Customer-perceived value is of concern for consumers wishing to make sound purchase choices, for practitioners who are keen to improve their customers perceptions of value, and for researchers seeking to clarify the conceptual underpinnings of customer-perceived value and its relationship with other marketing variables. This paper synthesises the literature from marketing, economics, axiology and psychology to provide a holistic review of the customer-perceived value concept. Drawing on these sources facilitates deeper understanding and conceptualisation of customer-perceived value. Specifically, the paper seeks to understand customer-perceived value in both services and newshopping contexts, such as the online setting. The implications for researchers and managers are considered.Keywords：Customer-perceived value, Axiology, Psychology, Economics,MarketingIntroductionThe products and services that consumers purchase are the outcomes of the consumer buying process, during which individuals assess the benefits and costs of acquiring the required products and services. As value judgementsmade about these items during this process are central to consumer decisionmaking, value is of concern: for consumers wishing to make sound purchasechoices; for practitioners wishing to improve their customers perceptions ofvalue; and for researchers seeking to clarify the conceptual underpinnings ofcustomer-perceived value and its relationship with other marketing variables.Previous work raises concerns about the complexity and divergence of the construct (Rust Rokeach, 1973). The concept can be examined fromdifferent angles: the customers viewpoint; the shareholders perspective; inrelation to the value chain; or from a business-to-business standpoint. Theperspective adopted in this paper reflects that of Gale (1994), who sees valueas the customers view of the product/service offered by an organisation compared with those available from competing firms.Customer-perceived value is of growing interest both to researchers from different disciplines and to business practitioners. This paper adopts a holistic view of the value construct, drawing on literature from axiology, psychology,economics and marketing to reflect calls for more multidisplinary research in marketing (Lemmink, 2005; Rust Long Long Ledden,Kalafatis Kluckhohn, 1951) self-sufficient ends that can be ordered and serve as an orientation to action.Furthermore, individuals living within a particular society often share manyvalues and act in accordance with these shared standards or beliefs (Cileli,2000; Prizer yet this imprecision means thatthese subjective evaluations can be acquired in different ways and may havediffering degrees of centrality for individuals.Rokeach (1973) identifies two important functions of values: (i) themode of conduct, such as evaluating and judging individuals and others;and (ii) motivation, which is concerned with the attainment of values.For example, if values underscore an individuals life, the need to achievestandards of excellence becomes conceptually tied to that persons need tomaintain and enhance self-esteem. The objects considered most important inan individuals life often characterise their personal values (Kahle guiding their actions, attitudes, judgementsand the comparisons they make of products and services (Rokeach, 1973;Richins, 1994a, 1994b). Therefore, individuals judgements about specificproducts/services reflect their values (Prentice, 1987).If personal values are as central to life as scholars suggest, it is safeto assume they influence individuals consumption behaviour 。The reasoncertain products are preferred over others should therefore be considered inlight of the products significance and relation to personal values.In contrast to values, value in consumer behaviour is a conviction thata specific product/service is preferable to any other; a conviction which canbe used to evaluate and judge behaviour (Collins Cobuild, 1995). Value is anormative proposition because it relates to a need that requires satisfactionor that finds its meaning in a universal truth. Holbrook (1994) developsthis distinction between value and values, defining value as a preferencejudgement, and values as the criteria by which people make preferencejudgements. Therefore, value and values are related yet distinct from each other (Holbrook, 1994; Ledden et al., 2007). Moreover, personal values areknown to affea human behaviour (Collins, Steg Lewis, 1946;Von Wright, 1963) enable the construct to change over time (Parasuraman,1997; Parasuraman Woodruff, 1997). Individual valuecomponents, including quality and price, are also likely to vary according tothe type of produd/service purchased and its significance to the customer(Sweeney while personal valuesare relatively stable and influenced by individuals education, culture, religionand personality. While the importance of integrating personal values intocustomer-perceived va