The customer value, the key problem in customer relationship management (CRM), was studied to construct a gap model for dual customer values. A basic description of customer values is given, and then the gaps between products and services in different periods for the customers and companies are analyzed based on the product or service life-cycle. The main factors that influence the perceived customer value were analyzed to define the “recognized value gap” and a gap model for the dual customer values was constructed to supply companies with a tool to analyze existing customer value gaps and improve customer relationship management.