Utility, Value, Satisfaction:

How do consumers choose among the products that might satisfy a given need? The guiding concept is utility. It is the consumer's estimate of the products overall capacity to satisfy his needs. But each alternative has a price, so to make a choice the consumer must consider the products utility with the price and choose the product that gives the highest utility per shilling (greatest value). So although one product may offer more utility to a consumer, it may represent less value in relation to another product. A product that is of better value than another is one that offers more for the price.