Application of Woodruff Customer Perceived Value model on Apple Brand

Woodruff (1997) defines customer value as how customer prefers and evaluates the characteristics, attribute performances and consequences that arises from consumption providing for the achievement of a customer's goals or objectives regarding that particular situation of consumption. Woodruff relates the concept of desired customer value is conceived as a component of the whole value system of the customer. It focuses on the conceptual value dimensions, or outcome, obtained from specific performance attribute as explained by (Woodruff, 1997).

Woodruff model is based on the means-end theory and related that customers desired value is different from the received value. According to Woodruff (1997) the consumer perceive value after using the commodity. His model incorporates two dimensions known as desired value and received value. Descending the hierarchy that illustrates desired value, the apple user will initiate from desire to achieve his/her objective, for which the customer will reflect upon the consequence that may attribute to the goals. An apple user would enumerate certain objectives or goals involving the product usage and applicability  that will lead up to build his experience.  The consequence will take the user further to select product attributes that may include features and functions and attributes' performances. While ascending the hierarchy suggests the apple user will choose these two factors before buying. The outcome will be the sought-after consequence which will lead to the desired objective retrieved by apple user from value in experience.

On other side in Woodruff model comes the received value from the product and involves three stages as well forming a hierarchy as depicted in the picture above. The three stages are interconnected but cannot be achieved simultaneously. This deduction bring us to three levels of satisfaction, that results respectively from product attribute, performance consequence and customer's goals. Therefore we can say that Apple user can benefit from one after another form product attributes of IPhone and can attain its goals and experience satisfaction by meeting up the consequences.

Furthermore, the User can evaluate the value from deducting perceived benefits of the Iphone from its perceived cost. Which can vary from individual user to user. Perceived benefits may include convenience, quality and prestige/status. This will only be attained once a user experience it referred to as Value in experience that include all the four steps on customer value experiencing. While a user would also bear a perceived cost that includes money, time, search cost and mental fatigue in attaining of the phone. Thus customer perceived value would be attained by dividing the perceived benefits from perceived scarified/cost. Hence this way value can be determined by the users that will enable to evaluate against other competing products. Whereas, managers can benefit from it by analysing and getting insight to consumer thinking process and formulating strategies accordingly.

Keywords: Customer Perceived Value, Woodruff Model, Apple, Consumer Value