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Comparison of perceived value structural models

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  • Sunčana Piri Rajh

    (Faculty of Economics and Business, University of Zagreb)

Abstract

Perceived value has been considered an important determinant of consumer shopping behavior and studied as such for a long period of time. According to one research stream, perceived value is a variable determined by perceived quality and perceived sacrifice. Another research stream suggests that the perception of value is a result of the consumer risk perception. This implies the presence of two somewhat independent research streams that are integrated by a third research stream – the one suggesting that perceived value is a result of perceived quality and perceived sacrifices while perceived (performance and financial) risk mediates the relationship between perceived quality and perceived sacrifices on the one hand, and perceived value on the other. This paper describes the three approaches (models) that have been mentioned. The aim of the paper is to determine which of the observed models show the most acceptable level of fit to the empirical data. Using the survey method, research involving three product categories has been conducted on a sample of Croatian consumers. Collected data was analyzed by the structural equation modeling (SEM) method. Research has shown an appropriate level of fit of each observed model to the empirical data. However, the model measuring the effect of perceived risk on perceived value indicates the best level of fit, which implies that perceived performance risk and perceived financial risk are the best predictors of perceived value.

Suggested Citation

  • Sunčana Piri Rajh, 2012. "Comparison of perceived value structural models," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 24(1), pages 117-133.
    • Handle: RePEc:zag:market:v:24:y:2012:i:1:p:117-133
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    References listed on IDEAS

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    1. Suri, Rajneesh & Monroe, Kent B, 2003. "The Effects of Time Constraints on Consumers' Judgments of Prices and Products," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 30(1), pages 92-104, June.
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    2. Mădălin Dorel Țap & Anamaria-Cătălina Radu & Cristina Stanciu (Neculau) & Raluca Răducu & Ivona Răpan, 2022. "The Impact of the COVID-19 Pandemic on the Reputation Management of High-Tech Dentistry in Romania," Sustainability, MDPI, vol. 15(1), pages 1-12, December.
    3. Sanja Kovačić & Tatjana Pivac & Müge Akkar Ercan & Kinga Kimic & Petja Ivanova-Radovanova & Klodiana Gorica & Ermelinda Kordha Tolica, 2023. "Exploring the Image, Perceived Authenticity, and Perceived Value of Underground Built Heritage (UBH) and Its Role in Motivation to Visit: A Case Study of Five Different Countries," Sustainability, MDPI, vol. 15(15), pages 1-21, July.

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