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Journal ArticleDOI

The concept of perceived value: a systematic review of the research:

01 Dec 2007-Marketing Theory (SAGE Publications)-Vol. 7, Iss: 4, pp 427-451
TL;DR: A systematic review of the extensive research that has been conducted on the conceptualization of perceived value is presented in this paper, where the major conclusions of the present review are summarized in Table 1.
Abstract: The purpose of this article is to present a systematic review of the extensive research that has been conducted on the conceptualization of perceived value. The major conclusions of the present stu...
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Journal ArticleDOI
TL;DR: The authors analyzes value creation and co-creation in service by analytically defining the roles of the customer and the firm, as well as the scope, locus, and nature of value and value creation.
Abstract: Because extant literature on the service logic of marketing is dominated by a metaphorical view of value co-creation, the roles of both service providers and customers remain analytically unspecified, without a theoretically sound foundation for value creation or co-creation. This article analyzes value creation and co-creation in service by analytically defining the roles of the customer and the firm, as well as the scope, locus, and nature of value and value creation. Value creation refers to customers’ creation of value-in-use; co-creation is a function of interaction. Both the firm’s and the customer’s actions can be categorized by spheres (provider, joint, customer), and their interactions are either direct or indirect, leading to different forms of value creation and co-creation. This conceptualization of value creation spheres extends knowledge about how value-in-use emerges and how value creation can be managed; it also emphasizes the pivotal role of direct interactions for value co-creation opportunities.

2,036 citations


Cites background from "The concept of perceived value: a s..."

  • ...However, several attempts to create holistic conceptualizations of value have appeared (e.g., Khalifa 2004; Sánchez-Fernández and Iniesta-Bonilla 2007; SánchezFernández et al. 2009; Woodall 2003), which generally conceptualize it on an individual level (Holbrook 1994, 1999), assess the trade-off…...

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  • ...Value is perhaps the most ill-defined and elusive concept in service marketing and management (Carú and Cova 2003; Sánchez-Fernández and Iniesta-Bonilla 2007; Woodall 2003)....

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Journal ArticleDOI
TL;DR: In this article, the authors analyse the underpinning logic of value co-creation in service logic and reformulate seven statements included in six of the foundational premises of the service-dominant logic.
Abstract: The underpinning logic of value co-creation in service logic is analysed. It is observed that some of the 10 foundational premises of the so-called service-dominant logic do not fully support an understanding of value creation and co-creation in a way that is meaningful for theoretical development and decision making in business and marketing practice. Without a thorough understanding of the interaction concept, the locus as well as nature and content of value co-creation cannot be identified. Value co-creation easily becomes a concept without substance. Based on the analysis in the present article, it is observed that the unique contribution of a service perspective on business (service logic) is not that customers always are co-creators of value, but rather that under certain circumstances the service provider gets opportunities to co-create value together with its customers. Finally, seven statements included in six of the foundational premises are reformulated accordingly.

1,342 citations


Cites background or methods from "The concept of perceived value: a s..."

  • ...Typically, in the literature (see Sánchez-Fernández and Iniesta-Bonillo, 2007; Sánchez-Fernández et al., 2009) value concepts imply some form of No. 6 The customer is always a co-creator of value The customer as user is always involved in the value-creation process No. 7a The firm cannot…...

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  • ...…value creation probably is among the most ill-defined and elusively used concepts in service marketing, and in management in general (cf. Carù and Cova, 2003; Sánchez-Fernández and Iniesta-Bonillo, 2007), the expressions value creation and create value are frequently used in the literature....

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  • ...The customer looks for value in terms of becoming ‘better off’ in some way, either in economic and/or some other respect (cf. Sánchez-Fernández and Iniesta-Bonillo, 2007; Sánchez-Fernández et al., 2009)....

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Journal ArticleDOI
TL;DR: In this paper, the authors analyze implications for value creation and marketing of adopting a service logic in business relationships and demonstrate that a service perspective is multi-dimensional, enabling the mutual creation of value, with service as a mediating factor in that process.

658 citations

Journal ArticleDOI
TL;DR: In this article, the authors outline four theoretical propositions that describe what value in the experience is, which are then illustrated using a narrative data set, and posit that current service experiences are influenced by previous and anticipated service experiences.
Abstract: Within contemporary discourse around service-dominant logic, phenomenologically (experientially) determined value has been placed at the center of value discussion. However, a systematic characterization of value in the experience has not been presented to date. In this article, the authors outline four theoretical propositions that describe what value in the experience is, which are then illustrated using a narrative data set. The propositions consider both lived and imaginary value experiences and posit that current service experiences are influenced by previous and anticipated service experiences. The article contributes to the service literature by characterizing value in the experience as an ongoing, iterative circular process of individual, and collective customer sense making, as opposed to a linear, cognitive process restricted to isolated service encounters. The authors recommend that service researchers should consider the use of interpretive methodologies based on the four theoretical propositi...

516 citations


Cites background from "The concept of perceived value: a s..."

  • ...…customer (perceived) value, several authors continue to argue that the customer value construct requires further refinement and development (e.g., Sanchez-Fernandez and Iniesta-Bonillo 2007; Sanchez-Fernandez, Iniesta-Bonillo, and Holbrook 2009; Smith and Colgate 2007; Woodruff 1997; Zeithaml et…...

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  • ...…Experience Due to the limitations of current conceptualizations of customer (perceived) value and associated measurement scales that have been previously outlined, further academic research is required to better understand the customer value construct (Sanchez-Fernandez and Iniesta-Bonillo 2007)....

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Journal ArticleDOI
TL;DR: A theoretical model by blending cutting-edge research in consumers' trust, value co-creation, and eWOM to study how these factors interact with each other through a systematic review of electronic Word-of-Mouth affects purchase intention in social network sites (SNSs).

471 citations


Cites methods from "The concept of perceived value: a s..."

  • ...Prior research (Hackett & Dilts, 2004; Sánchez-Fernández & Iniesta-Bonillo, 2007) has used this method or related methods, such as meta-synthesis (Douglas et al., 2008), to develop new research models and theories in different research domains. eWOM research has reported that it has a direct…...

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References
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Journal ArticleDOI
TL;DR: In this paper, evidence from past research and insights from an exploratory investigation are combined in a conceptual model that defines and relates price, perceived quality, and perceived value for a product.
Abstract: Evidence from past research and insights from an exploratory investigation are combined in a conceptual model that defines and relates price, perceived quality, and perceived value. Propositions ab...

13,713 citations


"The concept of perceived value: a s..." refers background or methods or result in this paper

  • ..., 1994), ‘dynamic’ (Parasuraman and Grewal, 2000; Woodruff and Gardial, 1996), and ‘subjective’ (Zeithaml, 1988)....

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  • ...The conceptual confusion arises because the two constructs share certain common characteristics – especially the fact that both involve evaluative judgments that are subjective, personal, and context-dependent (Rust and Oliver, 1994; Zeithaml, 1988)....

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  • ...It is thus apparent that perceived value is a broader and richer construct than a mere trade-off between ‘utility’ and ‘price’ (Monroe, 1990; Zeithaml, 1988)....

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  • ...Adopting this approach, several authors have used the term ‘utility’ (in various ways) in their definitions of perceived value (e.g. Afuah, 2002; Thaler, 1985; Zeithaml, 1988)....

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  • ...…literature agrees that ‘value’ and ‘quality’ are distinct constructs (Bolton and Drew, 1991; Day and Crask, 2000; Dodds and Monroe, 1985; Monroe and Krishnan, 1985), although several authors have noted the conceptual confusion that often exists between the terms (Oliver, 1999; Zeithaml, 1988)....

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Book
01 Jan 1973

9,362 citations


"The concept of perceived value: a s..." refers background in this paper

  • ...In contrast, ‘values’ are important personal beliefs that people hold with respect to themselves and the goals for which they strive (Rokeach, 1968, 1973)....

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Journal ArticleDOI

7,878 citations

Journal ArticleDOI
TL;DR: In this paper, the authors argue for the recognition of important experiential aspects of consumption, such as the symbolic, hedonic, and esthetic nature of the experience of consumption.
Abstract: This paper argues for the recognition of important experiential aspects of consumption. Specifically, a general framework is constructed to represent typical consumer behavior variables. Based on this paradigm, the prevailing information processing model is contrasted with an experiential view that focuses on the symbolic, hedonic, and esthetic nature of consumption. This view regards the consumption experience as a phenomenon directed toward the pursuit of fantasies, feelings, and fun.

7,029 citations


"The concept of perceived value: a s..." refers background in this paper

  • ...Utilitarian and hedonic value: Although consumption activities produce both utilitarian and hedonic outcomes (Babin et al., 1994), Holbrook and Hirschman (1982) observed that conventional research up until the early 1980s had neglected the hedonic component of the consumption experience....

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Journal ArticleDOI
TL;DR: In this paper, the authors report an empirical assessment of a model of service encounters that simultaneously considers the direct effects of quality, satisfaction, and value on consumers' behavioral intentions, and further suggest that indirect effects of the service quality and value constructs enhanced their impact on behavioral intentions.

6,176 citations


"The concept of perceived value: a s..." refers background or methods in this paper

  • ...Some authors have suggested that perceived quality is an antecedent that has a positive effect on perceived value (Cronin et al., 2000; Lapierre et al., 1999), whereas others have contended that quality is a sub-component of overall value (Holbrook, 1999; Sweeney and Soutar, 2001)....

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  • ...Some of these studies have sought to explain value through certain variables, including: (i) corporate image (Andreassen and Lindestad, 1998); (ii) quality and sacrifice (Cronin et al., 2000); (iii) service quality, social value, play, aesthetics, and time and effort spent (Gallarza and Gil, 2006); (iv) sacrifice, benefit, personal preference, and the perceived situation (Blackwell et al....

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  • ...…have sought to explain value through certain variables, including: (i) corporate image (Andreassen and Lindestad, 1998); (ii) quality and sacrifice (Cronin et al., 2000); (iii) service quality, social value, play, aesthetics, and time and effort spent (Gallarza and Gil, 2006); (iv) sacrifice,…...

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  • ..., 2000; McDougall and Levesque, 2000), whereas others have used several items (Andreassen and Lindestad, 1998; Blackwell et al., 1999; Cronin et al., 2000; Chen and Dubinsky, 2003; Gallarza and Gil, 2006)....

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  • ...…measure respondents’ perceptions of value some of them have used a single item (Caruana et al., 2000; McDougall and Levesque, 2000), whereas others have used several items (Andreassen and Lindestad, 1998; Blackwell et al., 1999; Cronin et al., 2000; Chen and Dubinsky, 2003; Gallarza and Gil, 2006)....

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Trending Questions (1)
Which elements of cost and benefit are used in the perceived values scale model?

The paper does not provide specific information about the elements of cost and benefit used in the perceived value scale model.