Customer value = competitive advantage?

Customer loyalty, customer satisfaction, customer value, etc. This "marketing literature" has been forward that customer loyalty and customer value is a source of competitive advantage. 

Marketers have always been insisting and promoting the notion that in order to compete in this competitive market – one must provide superior customer value relative to competition. But really what is customer value?

I found this simple formulat on Google. What are your thoughts?

Customer Value = (Quality + Emotional appeal + meet expressed needs + a hosts of other benefits) / Price.