This paper suggests a theoretic basis for relating personal values, consumer expectations from the marketing system, and product expectations. More specifically, it suggests that personal values influence the consumer's normative standards regarding the marketing system, and that values and marketing system expectations together determine the consumer's expectations regarding product attributes. These relationships are empirically tested across three product classes and two ethnic groups—Blacks and Whites. Results indicate that among each ethnic group values are significantly related to marketing system expectations, which in turn are significantly related to product expectations. Additionally, the importance and function of specific value dimensions vary by ethnicity, and implications for research in the areas of personal values, satisfaction, and marketing strategy are discussed.