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Customer-perceived value is of concern for consumers wishing to make sound purchase choices, for practitioners who are keen to improve their customers perceptions of value, and for researchers seeking to clarify the conceptual underpinnings of customer-perceived value and its relationship with other marketing variables. This paper synthesises the literature from marketing, economics, axiology and psychology to provide a holistic review of the customer-perceived value concept. Drawing on these sources facilitates deeper understanding and conceptualisation of customer-perceived value. Specifically, the paper seeks to understand customer-perceived value in both services and new
shopping contexts, such as the online setting. The implications for researchers and managers are considered.
Keywords:Customer-perceived value, Axiology, Psychology, Economics,
Marketing
Introduction
The products and services that consumers purchase are the outcomes of the consumer buying process, during which individuals assess the benefits and costs of acquiring the required products and services. As value judgements
made about these items during this process are central to consumer decision
making, value is of concern: for consumers wishing to make sound purchase
choices; for practitioners wishing to improve their customers perceptions of
value; and for researchers seeking to clarify the conceptual underpinnings of
customer-perceived value and its relationship with other marketing variables.
Previous work raises concerns about the complexity and divergence of the construct (Rust Oliver, 1994). Rather than being a distinct concept in its own right, customer-perceived value is strongly correlated with price, quality, sacrifice and satisfaction and more weakly related to personal values
(Holbrook, 1999; Rokeach, 1973). The concept can be examined from
different angles: the customers viewpoint; the shareholders perspective; in
relation to the value chain; or from a business-to-business standpoin
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