This presentation proposes that advertising be evaluated in terms of its perceived value to consumers. The discussion is divided into four sections. In the first, some notions about consumer behavior that form the rudiments of a theoretical perspective within which such an approach is anchored are set out. In the second section, a conceptual model of advertising value is presented. A portion of the model that has been tested empirically is then highlighted. The final section concludes with a discussion of applications and implications that the study of advertising value has for assessing as well as enhancing advertising effectiveness.