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In Search of Apprehending Customers’ Value Perception

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  • Stępień Beata

    (International Management Department, Poznan University of Economics and Business, Poznań, Poland)

Abstract

The article clarifies the concept of value for customer, demonstrates challenges related to the concept itself and its measurement and sheds new light on the consequences of conceptual and metric choices. The analysis focuses on three points: first, it shows, how the definition and delineation of customer perceived value (CVP) implies the choice of certain measurement tools, but does not necessarily reveal the essence of the measured construct. Second, it provides a quantitative measure of CVP components showing the functional interconnections between them without presenting their causal relations. Third, it suggests the priority of a theoretical conceptualization over any technical craft considerations in CVP measurement.The article begins with mapping and deconstructing the value concept, which is followed by a critical discussion of its measurement challenges. Mixed methodology for empirical exploration of CVP construct is recommended here, being as the approach that blends quantitative methods with a deeper understanding of CVP provided by qualitative tools.

Suggested Citation

  • Stępień Beata, 2017. "In Search of Apprehending Customers’ Value Perception," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 53(1), pages 99-117, March.
    • Handle: RePEc:vrs:ijomae:v:53:y:2017:i:1:p:99-117:n:7
    DOI: 10.1515/ijme-2017-0007
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    References listed on IDEAS

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    1. Jarvis, Cheryl Burke & MacKenzie, Scott B & Podsakoff, Philip M, 2003. "A Critical Review of Construct Indicators and Measurement Model Misspecification in Marketing and Consumer Research," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 30(2), pages 199-218, September.
    2. Andreas Eggert & Wolfgang Ulaga, 2002. "Customer perceived value: a substitute for satisfaction in business markets?," Post-Print hal-00484980, HAL.
    3. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-1348, December.
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    5. Holbrook, Morris B., 2006. "Consumption experience, customer value, and subjective personal introspection: An illustrative photographic essay," Journal of Business Research, Elsevier, vol. 59(6), pages 714-725, June.
    6. Tynan, Caroline & McKechnie, Sally & Chhuon, Celine, 2010. "Co-creating value for luxury brands," Journal of Business Research, Elsevier, vol. 63(11), pages 1156-1163, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    value for customer; customer perceived value; customer value perception; value measurement; value dimensions; value components;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • M30 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - General
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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