Customer Satisfaction vs. Customer Value

Customer value and customer satisfaction are dependent on one another.  When a person purchases a good or service, they are assigning a particular level of value to the product or service.  In turn, they expect a similar rate of satisfaction from their purchase, which will vary depending on how much the customer values it.  To use the Iphone as an example, Customer value is usually very high, because it is a well sought after device that has nearly unlimited uses.  However, if customer satisfaction was low, they would refrain from buying the Iphone, and search for another product that they highly value.  Customer value directly links to customer satisfaction, and vice versa- they are interdependent.  With low customer value comes low customer satisfaction, but you get what you pay for.

Which factors do people take into account when determining customer value?