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1. Introduction
The concept of "value" is a key-element in marketing. Marketing managers are encouraged to
adopt strategies related to the value expected by the consumer, to promote and enhance the
long-term success (Gale, 1994; Hamel and Prahalad, 1994; Woodruff, 1997; Flint et al.,
2002). The literature contains a large variety of models to conceptualize the customer value
(Graf and Maas, 2008), which is considered to be the key outcome in the general model of
consumption experiences (Babin, Darden and Griffin, 1994; Holbrook, 1986); also, perceived
value of the consumer has been argued to be the most important indicator of repurchase
Intentions (Parasuraman and Grewal, 2000), being said that with the recognition of the
importance of consumer perceived value comes the recognition that retailers must deliver the
value which will increase the shopping intention of consumers by creating and delivering
good shopping experiences.
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Usually, customers -when they buy products or services- choose those services/products that
provide them the highest value. Therefore, they have their own knowledge, movement and
income limits and they seek for the highest value in accordance with their own research costs;
as a fact, they develop a perceived value and act in strong connection with this. Products,
service and value provided by the company for its customers will have an effect on whether
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171
Author(s)
Schechter, 1984 in
Zeithaml, 1988 (cited in
Snoj et al., 2004: 158)
Zeithaml, 1988: 14
Morrison,1989 quoted in
Murphy et al., 2000: 46
Monroe, 1990:46
Day, 1999; Lai, 1995
Oliver, 1999: 45
Slater and Narver, 2000
(cited in Snoj et al., 2004:
158)
Hallowell in Cornin et
al., 2000 (cited in Snoj et
al., 2004: 158)
Chang and Wildt, 1994
quoted in Murphy et al.
2000
Typical definitions of consumer perceived value rely heavily on terms such as utility, worth,
benefits, and quality, according to what Woodruff (1997) sustains. The comparison between
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173
174
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Dimensions
Nilson, 1992
Lovelock, 1996
Woodruff, 1997
Functional, emotional
Gronroos, 1997
Holbrook , 1999
Oliver, 1999
Parasuraman
2000
Petrick, 2002
and
Grewal,
More than that, several studies concluded that the quality of services positively affects
perceived value (Cronin et al, 2000; Petrick, 2002; Sanchez, 2006). Also, the relationship
between perceived value and customer satisfaction or future intentions are discussed in the
literature of marketing services. Anderson et al. (1994) states that satisfaction depends of
perceived value and the intentions that a customer has in the future are largely determined by
perceived value.
However Sanchez et al. (2006), Sweeney and Soutar (2001) argue that perceived value is a
positive predictor of consumer satisfaction. Sanchez-Fernandez and Iniesta-Bonillo (2007:
441) call for further academic research "to clarify the nature of the multi-dimensional
construct (customer perceived value) and its constituent dimensions and to develop a
comprehensive and efficacious measurement scale for the concept" (Sanchez-Fernandez and
Iniesta-Bonillo, 2007: 444).
As resulting from the literature, the main majority of the researchers consider consumer
perceived value as being a multidimensional structure. They investigated both similar and
dissimilar dimensions with a focus on consumer products and services (Oliver, 1996, from
Ulaga and Chacour, 2001), as can be seen in Table 4.
176
Author (s)
Type of work
Zeithaml, 1988
Theoretical
work
Theoretical
work
Empirical
work
Four dimensions:
1. Societal value
Kantamneni andCoulson, 1996
2. Experiential value
3. Functional value, and
4. Market value
Four dimensions:
1. Acquisition value
2. Transaction value
Parasuraman and Grewal, 2000
3. In-use value, and
4. Redemption value
Four dimensions:
1. Emotional
Sweeney and Soutar, 2001
2. Social
3. Quality/performance
4. Price/value
Five dimensions:
1. Quality
2. Emotional response
Petrick (2002)
3. Monetary price
4. Behavioral price, and
5. Reputation
(Source: Adapted by the author after the references of the paper)
N/A
Theoretical
work
Empirical
work
Empirical
work
Value typology was developed extensively by Holbrook (1986), the last one being divided
into conceptual classification. In this framework, consumer value in the consumption
experience is classified into: 1) extrinsic vs. intrinsic, 2) self- vs. other-oriented and 3) active
vs. passive.
Table 5. A Typology of Consumer Value
Self-oriented
Extrinsec
Intrinsec
Active
Efficiency (Convenience)
Play (Fun)
Passive
Excellence (Quality)
Esthetics (Beauty)
Politics
(Success,
Impression Morality
(Virtue,
Justice,
Management )
Morality )
Other-oriented
Esteem (Reputation, Materialism, Religion
(Faith,
Ecstasy,
Passive
Possessions)
Sacredness)
(Source: Holbrook, M.B. (1996). Customer valuea framework for analysis and research. Advances in
Consumer Research, 23: 138-40)
Active
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Definition
Sheth et al. (1991) claim that the theory is applicable to choices involving a full range of
product types, including consumer nondurables, consumer durables, industrial goods, and
services. However, Lai (1995: 383) argues that the consumption values identified by Sheth et
al. (1991) are in fact generic product benefits that a consumer may derive from possession or
consumption, that is, Sheth et al. (1991) conflate product benefits with consumption value.
Lai (1995) proposes a typology of generic product benefits composed of functional benefits,
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experiential value is value related to senses (the feel, smells, and looks of a product);
functional value is related to whether or not the product is reliable and safe;
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