Journal of Advanced Social Research 1 (2011) 20-57

Consumer Perceived Value: Construct Apprehension and its Evolution

Jyoti Sikka Kainth, Harsh V Verma University of Delhi, India
drjyotikainth@gmail.com, harshfms@rediffmail.com

Article Info
Received: 14th July 2011 Accepted: 20th August 2011 Published online:1st September 2011

2011 Design for Scientific Renaissance All rights reserved

ABSTRACT
Marketing as a discipline has evolved over last ten decades from producing things, to things being produced, from selling to customers, to selling for customers and to selling with customers as a corporate citizen of the country. Two remarkable changes that are responsible for a paradigm shift in the core focus of marketing in the era of social Darwinism includes marketing as becoming more analytical and rigorous in nature and relationship oriented, focused on consumer perceived value (CPV), its creation, communication, delivery or co-creation by all in the value network. Amidst these recent developments in marketing thought and theory, there is need for a periodic review of the intellectual progress for the strategic development of the discipline. Drawing on a diverse literature base, this research paper aims to delineate the concept of CPV by discussing and analyzing the existing knowledge of the definitions, dimensions and contribution so as to develop a chronological development profile of the same. Keywords: Consumer Perceived Value, Value, Relationship Marketing, Value Dimensions, Value Chronological Developments

1. Introduction- From Marketing to CPV Marketing theory (as it grew out of economics) has emerged over a period of time as a movement from its distributive focus to its consumer oriented focus. The discipline of marketing has witnessed the origin of relationships and relationship marketing as a result of the direct dialogue in the articulation and evolution of market value in the earlier proximate societies with production model, to its breaking that has led to the emergence of transactional societies. The marketers are experiencing the parity syndrome unleashed by the supply side developments including fragmentation of value chains and diffusion of knowledge and its consequent impact of increasing facelessness and identitylessness of market entities. The marketers of twenty first century are stuck in the force field of supply side that robs the identity on the one hand and the challenge to subversion of the same on the other. In this emergent paradigm this paper seeks to explore the concept of CPV which marketers embeds in

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his or her offers to erect barriers to switch in an attempt to create monopoly in the highly competitive space by taking their offers into a higher less elastic value space. This retrospective and prospective discussion would help in drawing out some proposals for expediting future research allocations to develop empirical generalizations so as to narrow the gap between the academia and practice. 2. Consumer Perceived Value Value lies in the eyes of the beholder. It can be based purely on core offerings, rationality, experience or an inter-play of all of them and much more. CPV is what the customer believes that they will receive for a certain amount of money. What is important to pinpoint is that the CPV is more than the physical product that is provided to the customer and this is what makes it difficult to grasp what it is. CPV can be generally understood as a construct configured by two parts, one of benefits received (economic, social and relationship) and another of sacrifices made (price, time, effort, risk and convenience) by the customer (Dodds et al., 1991; Grewal et al., 1998; Cronin, Brady et al., 1997; Oh, 2003). 3. Importance of Studying CPV More than two decades have passed since the CPV concept was first mentioned in the literature and the concept is still en vogue, maybe more so now than ever before. The concept has found its place in marketing theory and has become an integral part of the text on marketing and consumer behavior. The role of CPV is of major and increasing concern to consumers, businesses, and marketers (Dodds, 1991). Perceived value is a recent line of research that is enjoying increasing attention on the part of marketers (Marketing Science Institute, 2001). This interest stems mostly from the importance given by present-day firms to the creation of value for their different target publics. Valu e is considered to be an important constituent of relationship marketing and the ability of a company to provide superior value to its customers is regarded as one of the most successful strategies for the 1990s. This ability has become a mean of differentiation and a key to the riddle of how to find a sustainable competitive advantage (Ravald & Gronroos, 1996). It provides new ways to compete in a situation where customers are more demanding, competition is global, and economies are experiencing slow growth. It is considered to be the most salient indicator of brand loyalty (Parasuraman and Grewal, 2000). Butz and Goodstein (1996) put emphasis on building an actual affective relationship with customers for strengthening the customer bonding which would play a vital role in customer retention and favorable word of mouth. It should be considered as an emotional bond between the company and the customer. Marketers should strive to make this bond stronger by not only providing the value offering that caters to the expectations of the customer but also their desires and un-anticipations. It is considered to be associated with customer satisfaction which leads to customer retention, loyalty, positive word of mouth and higher market share and profits. Perceived value is the essential result of marketing
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activities and is a first-order element in relationship marketing (Oh, 2003; Marketing Science Institute, 2001; Dumond, 2000; Peterson, 1995; Ravald & Grnroos, 1996). Consumer value seems to be a critical element in consumers decision making behavior (Zeithaml, 1988; Sheth et al., 1991). From the consumers perspective also, obtaining value is a fundamental market exchange goal and essential to all successful exchange transactions (Holbrook, 1994). It is considered the key outcome in a general model of consumption experiences (Babin et al., 1994). Thus, there is a need to understand the phenomenon. During the past few years, there has been a resurgence of interest in the value construct among both marketing researchers and practitioners (Sinha and Desarbo, 1998; Eggert and Ulaga, 2002), and value is thought of as a critical factor which helps to draw new customers and keep present customers (Zeithaml, 1988; Woodruff, 1997; Parasuraman, 1997). However, Woodruff (1997) argued that the conceptual knowledge of consumer value is quite fragmented, with different points of view advocated. Hence, CPV concept is worth researching the topic for business and academia. 4. Research Objective The absence of consensus on CPV in literature and presence of multiplicity of perspectives, calls for understanding the theoretical/ conceptual foundation of the construct. Without a clear cut crystallization of the construct its operationalisation is difficult. It is in this background the present research is undertaken to delineate the concept of CPV. 5. Research Design The research design suitable for understanding the CPV construct is chosen to be exploratory. In order to gain fuller insight into the construct an extensive exploratory research was carried out. Writings that appeared on the theme of customer perceive values were collected from 1970 onwards to the 2006. The sample for the collection of the papers constituted all important journals of repute in marketing domain and its adjacent areas. These writings were then analyzed for the purposes of discovering the content of the construct and its evolution over the period of time. The first step in understanding the construct is by way of establishing a definitional framework of the construct which is explained as under 6. Deconstructing CPV (a definitional framework) The definitional framework was developed as the first step to delineate the theoretical foundation of CPV. An extensive study spread over nine months and around 142 research papers dated from 1970s to 2006 was conducted to study the same. Upon a thorough investigation of the literature base it was found that the definitions of CPV were found in articles from 1988 to 2002. (The result of the definitional framework of CPV is summarized in Table 1 as shown below).
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Table 1: Definitions of Value: Value perspectives as per Marketing Expert SOURCE/YEAR DEFINITION Zeithaml (1988) Value is the consumers overall assessment of the utility of a product based on perceptions of what is received and what is given. Value denotes the conceptual trade off framework of what is received and what is given. Four diverse meanings of value that were identified are: value is low price; value is whatever one wants in a product; value is the quality that the consumer receives for the price paid; value is what the consumer gets for what he or she gives. It describes the postconsumption value. The components (benefit and sacrifice) are covered in the dimensions given. Day (1990) Perceived customer value is the surplus between customers perceived benefits and customers perceived costs. Perceived customer value = customer's perceived benefits customer's perceived costs Monroe (1990) Buyers perceptions of value represent a tradeoff between the quality and benefits they perceive in the product relative to the sacrifice they perceive by paying the price. Urbany & Bearden Perceived acquisition value is the buyers net gain (or trade -off) from (1989) acquiring the product or service. Lichtenstein, Perceived transaction value is the perception of psychological Netemeyer, & Burton satisfaction or pleasure obtained from taking advantage of the (1990) financial terms of the price deal Dodds et al (1991) Perceived customer value is the ratio of perceived benefits relative to perceived sacrifice. Anderson, Jain, & Value in business markets is the perceived worth in monetary units of Chintagupta (1993) the set of economic, technical, service and social benefits received by a customer firm in exchange for the price paid for a product, taking into consideration the available suppliers offerings and prices Gale (1994) Customer value is market perceived quality which is adjusted for the relative price of the products. It is your customers opinion of your products/services as compared to that of your competitors. Value is an interactive relativistic preference experience. Value is interactive because it involves an interaction between some subject and some object. It is relativistic because it is comparative (among objects), personal (across consumers), and situational (specific to the context in which the evaluative judgment occurs). It is concerned with the consumption experience resulting from the use of an object or the appreciation of an object. 'Ravald and Gronroos Value is considered to be an important constituent of relationship (1996) marketing and the ability of a company to provide superior value to its customers is regarded as one of the most successful strategies for the 1990s. This ability has become a means of differentiation and a key to the riddle of how to find a sustainable competitive advantage. Holbrook (1996)
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SOURCE/YEAR DEFINITION Butz & Goodstein Customer value is the emotional bond established between a customer (1996) and a producer after the customer has used a salient product or service produced by that supplier and found the product to provide an added value. Cronin, Brady, Brand, Perceived service value is the combination of the service quality and Hightower and its benefits (functional, social, and economical) and the sacrifices Shemwell (1997) (time, effort, money) that the individual has to make to obtain the service. It is also based on some experiences from the services obtained. Woodruff (1997) Customer value is a customers perceived preference for and evaluation of those products attributes performance and consequences arising from the use that facilitate (or block) achieving the customers goals and purposes in use situations. It represents the customer's assessment of the value that has been created for them by a supplier given the tradeoffs between all relevant benefits and sacrifices in a specific use situation. It incorporates both desired and received value and emphasize that value stems from consumers learned perceptions, preferences, and evaluations. It takes into consideration customers' goals and that value is situational. Patterson and Spreng Value is the compared outcome of cognition. Value is based on (1997) cognition, and is difference between benefits and sacrifices which gain from expected and perceived performance. Sirdeshmukh, D., Customer value is the consumers perception of the benefits minus the Singh, J. and Sabol, B costs of maintaining an ongoing relationship with a service provider. (2002) As can be seen from the Table 1 above, the central theme of most of the definitions (amongst the 14 definitions that were found to exist) that existed was CPV as a trade-off between benefits and sacrifices associated with a suppliers offering as perceived by the consumer (Woodruff, 1997). These definitions indicate that value for a consumer is related to his/her experience or knowledge of buying and using a product, as well as the consumers individual perception which cannot be objectively defined by an organization. Once the various definitions pertaining to CPV were studied, they were content analyzed to carry the commonality analysis on the same. Under this framework, the definitions from Table 1 were studied for any possible overlaps so as to develop a profile of the definitional framework with respect to the central theme underneath the studied definitions. (The result of the same are provided in Table 2 below for consideration)

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Table 2: Analysis of value Definitions: identification of commonalities COMPONENTS SOURCE/YEAR Combination of all factors qualitative and Schechter (1984) cited in Zeithaml quantitative; objective and subjective to form a (1988); consumer's buying experience Interaction between some subject and some object Holbrook (1996) Situational Holbrook (1996) Woodruff (1997) Trade off between what is received (benefit) and Zeithaml (1988) what is given (sacrifice) Day (1990) Monroe (1990) Urbany and Bearden (1989) Dodds et al (1991) Anderson, Jain, & Chintagupta (1993) Gale (1994) Cronin, Brady, Brand, Hightower and Shemwell (1997) Woodruff (1997) Patterson and Spreng (1997) Cognition Zeithaml (1988) Woodruff (1997) Patterson and Spreng (1997) Emotional/psychological/pleasure Lichtenstein, Netemeyer, & Burton (1990) Business markets Anderson, Jain, & Chintagupta (1993) Competition Anderson, Jain, & Chintagupta (1993) Gale (1994) Ravald and Gronroos (1996) Relationship marketing Ravald and Gronroos (1996) Butz & Goodstein (1996) Sirdeshmukh, D., Singh, J. and Sabol, B (2002) Goals and purposes Woodruff (1997)

The above analysis is depicted in a form of a frequency chart below, so as to understand the centrality in the CPV definitions given above.

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Value Definitions - Frequency Chart for Sources

Sirdeshmukh, D., Singh, J. and Sabol, B (2002) Butz & Goodstein (1996) Ravald and Gronroos (1996) Lichtenstein, Netemeyer, & Burton (1990) 'Patterson and Spreng (1997) Cronin, Brady, Brand, Hightower and Shemwell (1997) Gale (1994) 'Anderson, Jain, & Chintagupta (1993) Dodds et al (1991) Urbany and Bearden (1989) Monroe (1990) Day (1990)
Zeithaml (1988)

Woodruff (1997) Holbrook (1996) Schechter (1984) 0 1 2 3 4 5

Fig.1.Value Definitions- Frequency Chart for Sources As can be seen from Fig.1, different authors have talked about different components of the Value definitions. But, Woodruff has given the broadest definition with respect to Value.

Value Definitions - Frequency Chart for Components

Relationship marketing Competition Business markets Emotional/ psychological/ pleasure Cognition Trade off between benefit and sacrifice Situational
Goals and purposes

Interaction between some subject and some object Combination of all factors qualitative and quantitative; objective and subjective 0 2 4 6 8 10 12

Fig.2. Value Definitions- Frequency Chart for Components As can be understood from above, the concept of CPV as a tradeoff between benefits and sacrifices is at the centre of the definitional framework of CPV. The above also helps in establishing the construct and convergent validity of the same.
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As evident from the table above, the most sought after theme of the definitional framework of CPV is considered to be a tradeoff concept (Column 2nd, Row 4th), between benefits and sacrifices. Some of the other ways in which CPV has been described are by relating it amongst others to- combination of qualitative and quantitative factors, interaction of subject and object, it being situational, it as a part of consumer decision making and cognition and emotion, from the perspective of competition and relationship marketing. 7. Dimensions of CPV Researchers have approached CPV from different perspectives, resulting in similar and dissimilar dimensions of the same. It makes CPV a multidimensional construct. Researchers have tried different ways to classify the value dimensions with regard to purchasing and consumption. These classifications have broadened the concept of value by going beyond the functional value of purchasing and/or consuming products/services, making clear that consumers also derive some other types of values from their shopping activities, such as social, emotional, and epistemic value (Sheth et al., 1991). As a part of the analysis to study the theoretical foundations of CPV, a sketch of the researchers who have adopted the multidimensional approach and their perspectives by way of the proposed dimensions of the construct was drawn. Data was arranged year wise so as to chronologically study the various developments of the proposed dimensions framework. A birds eye view of the same can be seen in Table 3 below. Table 3: Dimensions of value as per value literature Source Dimensions Explanation of Dimension Zeithaml 1.Intrinsic attributes How the purchase makes you feel (Benefits) 2.Extrinsic attributes Reputation of the product or service (Benefits) 3.Perceived quality The utility derived from the expected (Benefits) performance of the product 4.Price (sacrifice) It is the perceived sacrifice involved. It includes both monetary and non monetary considerations Sheth, 1. Functional value The perceived utility acquired from an Newman and alternative's capacity for functional, utilitarian Gross or physical performance. It is measured on a profile of choice attributes. Generally the prime driver. Assumes economic utility theory and rationality. It is derived from the characteristics and attributes of an alternative.

Year 1988

1991

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2. Social value

3. Emotional value

4. Epistemic value

5.Conditional value

1991

1998

Dodds, 1.Perceived Monroe, and acquisition value Grewal Grewal, 2.Perceived Monroe, and transaction value Krishnan Babin, 1. Hedonic value Darden and Griffin (PSV (Personal Shopping Value) scale )assumes Consumption Values by Sheth, Newman, and Gross (1991) 2. Utilitarian value

1994

The perceived utility acquired from an alternative's association with one or more specific social groups (demographic, socioeconomic and cultural-ethnic). It is a major driving force in highly visible products because of the demonstration effect. The perceived utility acquired from an alternative's capacity to arouse feelings or affective states. It is often associated with aesthetic alternatives. The perceived utility acquired from an alternative's capacity to arouse curiosity, provide novelty, and/or satisfy a desire for knowledge. It is generally associated with entirely new experiences. The perceived utility acquired from an alternative as the result of the specific situation or set of circumstances facing the choice maker. Perceived acquisition value is the buyers net gain (or trade-off) from acquiring the product or service. Perceived transaction value is the perception of psychological satisfaction or pleasure obtained from taking advantage of the financial terms of the price deal It is a festive and joyous side of shopping. It is more subjective and personal. It reflects shopping's potential entertainment and emotional worth. It helps in explaining: impulsive purchases (results from the need to purchase than a need for a product) and compulsive purchases (where shoppers gain intrinsic value from the act of purchasing itself).

1995

Naumann

1. Place 2. Product

It results from some type of conscious pursuit of an intended consequence. It is considered task related and rational. It reflects shopping with a work mentality. Concerned with attributes like location, layout, design and parking facilities etc. Concerned with attributes of quality, branding and all

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3. Service

1995

Groth

1996

Holbrook

1996

Kantamneni and Coulson

Concerned with attributes like accessibility, check out facility etc. 4. People Concerned with attributes like knowledge, courtesy and staffing etc. 5. Communication Concerned with attributes like 6. Image It is about reputation of the supplier 7. Price Actual price against which the customer compares the performance to form value perceptions 1.Cognitive: It refers to the utility derived from the perceived utility functional aspect of the product or service 2. Psychological The utility derived from the feelings or affective states that a product/service generates. 3. Internal Internal values, such as self-fulfillment and self-respect imply that the individual believes that he or she can control value fulfillment 4. External External values, such as being well-respected and sense of belonging emphasize fulfillment beyond the control of the individual 1.Extrinsic/utilitarian Consumption is appreciated for its function and utility 2.Intrinsic/hedonic Consumption experience is treated as an end in itself 3. Self oriented Consumer appreciates a product/experience for his own sake, for how he reacts to it and the effect it has on him 4. Other oriented Consumer looks beyond self to others such as family, friends and country etc. 5. Active Involves any physical or mental manipulation of intangible or tangible object by an individual 6. Passive Results from responding to objects. It arises from things done to an individual 1. Societal value It is clearly representative of societal value: accrued when the product is useful, ethically produced and benefits the society. 2. Experiential value It shows the senses: if the product smells, feels, looks and sounds good, then the product has more value. 3. Functional value It is purely functional value in the sense that products should be reliable, safe and functional i.e., provide the core benefit for which it is bought. 4. Market value It is indicative of market value: a high priced product, with a good brand name and bought
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1997

Gronroos

1. Cognitive 2.Emotional (psychological)

1997

De Ruyter, 1.Emotional Wetzels, dimension Lemmink, intrinsic value and Mattson

in a good or upscale store will have more value It refers to the utility derived from the functional aspect of the product or service The utility derived from the feelings or affective states that a product/service generates. Intrinsic value represents the affective or appreciation of the process of a service episode, regardless of the actual outcome. It pertains to the emotional side of a service delivery process. Extrinsic value pertains to the utilitarian aspects of a service episode i.e. a service episode as a useful means to a certain end. Systemic value concerns the inherent relation between concepts in their systematic interaction e.g. the relationship between sacrifices and returns. It concentrates on rational or logical aspects of a service episode. The utility derived from the products ability to enhance self concepts.

2.Functional dimension or extrinsic value 3.Systematic Value

1999

Sweeney, 1.Social Soutar, and value Johnson (acceptabilit y) 2.Emotional value 3.Functional value (price/value for money) 4.Functional value (performance/qualit y) 5.Functional value (versatility) 1.Emotional/Social Value

The utility derived from the feelings or affective states that a product generates. The utility derived from the product due to its perceived short term and longer-term costs. The utility derived from the perceived quality and expected perceived quality and expected performance of the product. The utility derived from the versatility and practicality of the product. Emotional value: The utility derived from the feelings or affective states that a product generates. Social value (acceptability): The utility derived from the products ability to enhance self concepts. Sweeney (1996) divided these two values however this study shows the two as so closely intertwined that they should be considered as one

2000

Hall et al

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2.Perceived Risk

3.Functional Price

4.Functional Quality

2000

Williams, Soutar

1.Functional Value

2.Emotional Value

3.Social Value

4.Epistemic Value

2000

Parasuraman and Grewal

1.Acquisition value

2.Transaction value

3.In-use value 4.Redemption value Sweeney and 1.Emotional Soutar PERVAL 2.Social 3.Quality/performan ce

2001

A factor, which is not addressed by Sweeney (1996), is perceived risk; this study shows that for intangible products, factors reducing risk are highly sought. The utility derived from the product due to its perceived short term and longer-term costs. The utility derived from the perceived quality and expected perceived quality and expected performance of the product. Perceived utility acquired from an alternative's capacity for functional, utilitarian or physical performance, (Sheth, Newman and Gross, 1991a, p.160). prominent in pre consumption stage The ability of the product or service to arouse feelings or affective states, (Sheth, Newman and Gross, 1991). Prominent in post consumption stage. Perceived utility acquired from an alternative's association with one or more specific social groups, (Sheth, Newman and Gross, 1991a, p.161). The perceived utility acquired when the product arouses curiosity, provides novelty and/or satisfies a desire for knowledge, (Sheth Newman and Gross, 1991a, p.162) It emphasizes the net gains associated with the benefits and the money given for acquiring and using a product or service Refers to the psychological satisfaction or pleasure obtained by purchasing the product at a good price compared to Customer's internal reference price It means utility derived from using the product or service It relates to benefits of service termination The utility derived from the feelings or affective states that a product generates. The utility derived from the products ability to enhance social self-concept. The utility derived from the perceived quality and expected performance of the product

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4.Price/value

2002

Petrick SERVPERV AL

2003

Woodall

2003

Minna Pura

The utility derived from the product due to the reduction of its perceived short term and longer term costs. 1.Quality Consumer's judgment about a product or service's overall excellence or superiority (Zeithaml, 1988) 2.Emotional Descriptive judgment regarding the pleasure response that a product or service gives the purchaser (Sweeney et al., 1998). 3.Monetary price Price of a service as encoded by the consumer (Jacoby & Olson, 1977). 4.Behavioral price, Price (non-monetary) of obtaining a service, and which included the time and effort, used to search for the service (Zeithaml, 1988). 5.Reputation Prestige or status of a product or service, as perceived by the purchaser, based on the image of the supplier (Dodds et al., 1991). 1.Net Value for The balance of benefits and sacrifices: (the Customer (VC) customer makes some judgment on the worthwhileness of a product/service by computing or comparing weights and/or quantities of benefits and sacrifices. 2.Marketing VC The perceived product attributes: (VC conceived as product attributes) 3.Derived VC Use/experience outcomes: (VC here is conceptualized as the benefits derived from consumption-related experience and are presented as independent of any sense of associated sacrifice) 4.Sale VC Option determined primarily on price: (VC conceived as a reduction in sacrifice, or low price) 5.Rational VC Difference between the estimated and the objective price: (Dependent upon the perceived benefits or attributes of the product under consideration, the customer calculates what a fair price might be in relation to the benchmark(s) already established. VC in this context is the difference between the two, stated in a relevant currency). 1.Functional Value Functional value is related to either monetary benefits or convenience and the mobile service is either perceived better than alternative services or it increases freedom from technology.

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2.Social Value

3.Emotional Value

4.Conditional Value

2004

Heinoen

1.Technical Value

2.Functional Value

3.Temporal Value

4.Spatial Value

Refer to hedonic aspects of consumption (e.g. enjoyment and other feelings) i.e. mobile services can be used for fun. Social value is derived through reputation. Refer to hedonic aspects of consumption (e.g. enjoyment and other feelings) i.e. mobile services can be used for fun. Emotional value is gained by emotion-laden communication (positive or negative). Conditional value is a parallel category to other value categories that may increase or decrease the value perceptions. It denotes the characteristics of the core service and the service provider. Sub dimensions-service characteristics; price; tangibles and image Relates to an evaluation of functional aspects of the service delivery process. It denotes how the service interaction process occurs i.e. The 'how' component. It involves the input and output of the service process. Sub dimensions- Customer input; impact; process and company input Is based on temporal aspects affecting value perceptions. It represents how the customer perceives the temporal flexibility relating to when the service interaction occurs. It shows the 'when' component i.e. ability to choose the time of the service delivery. sub dimensionstime use and temporal latitude Is spatially driven and related to the usage location. It denotes how the customer perceives the spatial flexibility relating to where the service interaction occurs. It denotes the 'where' component i.e. ability to choose the location of the service delivery. sub dimensionsspatial latitude; space; appearance; spatial inconvenience

As evident, in all the literature review supports the existence of the proposed dimensions by 20 eminent research scholars across the globe, arranged chronologically. After a thorough investigation of the possible existent CPV dimensions, these dimensions were bifurcated into benefits and sacrifices and were studied for the overlaps and commonalities which resulted in the analysis as shown in Table 4 below:

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TYPE

Table 4: Analysis of dimensions of value: value as a tradeoff concept SIMILAR DIMENSIONS SIMILAR DIMENSIONS TYPE (SOURCE/YEAR) (SOURCE/YEAR) Quality (Petrick, 2002) Monetary price (Petrick, 2002) Quality/performance (Sweeney, Soutar, 2001) Functional value (Sheth, Newman, Gross, 1991) Functional (William, Soutar, 2000) Product/ Service (Naumann, 1995) (Naumann, 1995) Functional (Minna Pura, 2003) Functional (Heinoen, 2004) Functional quality (Hall et al, 2000) Utilitarian (Babin, Darden, Griffin, 1994) Extrinsic (Holbrook, 1996) Emotional response (Petrick, 2002) Emotional (Sweeney, Soutar, Sacrifices 2001) Emotional (Sheth, Newman, Gross, 1991) Emotional (William, Soutar, 2000) Emotional (Minna Pura, 2003) Emotional/social (Hall et al, 2000) Hedonic (Babin, Darden, Griffin, 1994) Intrinsic '(Holbrook, 1996) Price/value for money (Sweeney, Soutar, 2001) Reputation (Petrick, 2002) Image (Naumann, 1995) Social (Sweeney, Soutar, 2001) Social (William, Soutar, 2000) Social (Sheth, Newman, Gross, 1991) Social (Minna Pura, 2003) Price (Naumann, 1995) Functional price (Hall et al, 2000) Perceived risk (Hall et al, 2000) Behavioral (non-monetary) (Petrick, 2002) price

Benefits

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TYPE

Benefits

SIMILAR DIMENSIONS TYPE (SOURCE/YEAR) Social/Emotional (Hall et al, 2000) Epistemic (William, Soutar, 2000) Epistemic (Sheth, Newman, Gross, 1991) Conditional (Minna Pura, 2003) Conditional (Sheth, Newman, Gross, 1991) Communication (Naumann, 1995) People (Naumann, 1995) Place (Naumann, 1995) Spatial (Heinoen, 2004) Temporal (Heinoen, 2004)

SIMILAR DIMENSIONS (SOURCE/YEAR)

The above analysis can be depicted graphically using frequency distribution as follows:

Fig.3. Value Dimensions- Frequency Chart for Sources The above shows that Naumann, (1995) and Sheth et al., (1991) have covered largest number of CPV dimensions. The most important core and peripheral dimensions of CPV can be analyzed using the diagram given below (Fig.4):
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Fig.4. Value Dimensions- Frequency Chart for Types As can be seen from above, functional or utilitarian value emerged as the most important CPV dimension and was repeatedly mentioned as the value dimension most of the times. CPV dimensions such as temporal, spatial and communication are some of the peripheral CPV dimensions (most of the times price was considered as a part of functional/utilitarian value dimension). Key observations from the above analysis with respect to the proposed CPV dimensions are: 1. Perceived quality and performance form part of the positive component of functional value (Sheth, Newman and Gross, 1991) 2. In CPV models, quality and price have been treated as separate influencers on CPV: quality has a positive influence and price a negative influence. Therefore it can be argued that price and quality are functional sub-factors that contribute separately to CPV and should be measured separately. 3. All the dimensions can be further categorized as the perceived benefit and perceived sacrifice. The perceived benefit includes things such as service quality, functional value, social value, emotional value and reputation. Whereas, price is the most cited factor to measure sacrifice. 4. The result has been disagreement on the dimensions of CPV relative to products and services. When it comes to shopping experiences, some researchers have investigated CPV as the outcome of shopping trips, some researchers have focused on experiential value during shopping, and others have emphasized in-store shopping experiences. It can be seen that more theoretical as well as empirical work needs to be carried out to understand CPV better.

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5. Most existing research considers CPV analysis to be a research method. But this research considers it as a strategic marketing tool for identifying and measuring customers needs, gaps between customer and company perceptions of value and competitive positioning. The research aimed at analyzing and understanding customers value perceptions so as to help the company in improving its value proposition and value delivery. 8. Chronological Analysis of CPV As a part of the theoretical analysis of the CPV, the chronological analysis table of the value phenomenon was developed so as to summarize the contribution of various marketing experts towards the value literature ranging from 1982 until 2008. The analysis showcases the landmark contributions and the milestones laid down by the eminent research scholars spread over more than two decades. Table 5: Chronological Analysis of CPV phenomenon CONTRIBUTION EXPLANATION Demonstrated the importance of the hedonic component in the experiences of buying and consuming in leisure, aesthetic, creative and religious activities 1. Considered relation between Price, Quality and Value. Established cost and benefit trade off concept 2. Define CPV as the consumers overall assessment of the utility of a product based on a perception of what is received and what is given 3. Dimensions of CPV- intrinsic attributes, extrinsic attributes, perceived quality, price (monetary and nonmonetary), and other relevant high level abstractions 4. Economic exchange theory of value 5. Means Ends Model of Service Value (a) Value is more abstract than quality. (b) value differs from quality in two aspects, including value is more individualistic, and value is a trade-off of give and get components" Definition of value Perceived customer value is the surplus between customers perceived benefits and customers perceived costs
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SOURCE/YEAR Holbrook and Hirschman (1982)

Zeithaml (1988)

Day (1990)

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SOURCE/YEAR Monroe (1990)

CONTRIBUTION Definition of value

Urbany & Bearden (1989)

Definition of value

Lichtenstein, Netemeyer, & Burton (1990)

Definition of value

Dodds et al (1991)

Definition of value Value dimensions

EXPLANATION Buyers perceptions of value represent a tradeoff between the quality and benefits they perceive in the product relative to the sacrifice they perceive by paying the price. Perceived acquisition value is the buyers net gain (or tradeoff) from acquiring the product or service. Perceived transaction value is the perception of psychological satisfaction or pleasure obtained from taking advantage of the financial terms of the price deal. Ratio of perceived benefits relative to perceived sacrifice. Perceived acquisition value, Perceived transaction value

Sheth, Newman and Gross (1991)

Anderson, Jain, & Chintagupta (1993)

Gale (1994)

Naumann (1995) Groth (1995)

1. Theory of consumption value 2. Dimensions of value- Functional, Social, Emotional, Epistemic and Conditional Definition of value Value in business markets is the perceived worth in monetary units of the set of economic, technical, service and social benefits received by a customer firm in exchange for the price paid for a product, taking into consideration the available suppliers offerings and prices Definition of value Customer value is market perceived quality which is adjusted for the relative price of the products. It is your customers opinion of your products/services as compared to that of your competitors. Components of value Price, Image, Product quality, model/Value dimensions Service quality, Relationships 1. Value Dimensions Cognitive, Psychological, Internal, External

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Journal of Advanced Social Research 1 (2011) 20-57

SOURCE/YEAR Butz and Goodstein (1996)

Holbrook (1996)

Ravald and Gronroos (1996)

CONTRIBUTION EXPLANATION 1. Three levels of consumer value from 1. the expected level- normal or low to high importance modal level where the company just provides goods/services that are expected by the consumer already 2. the desired level- level at which the company provides added value for the consumer that is not required by company or industry standards 3. unanticipated level- ultimate level where the company provides added value that is beyond the consumers conscious expectation 4. The emotional bond established between a customer and a producer after the customer has used a salient product or service produced by that supplier and found the product to provide an added value. 1. Typology of experiential value 2. Proposed that consumer value in consumption experiences can be classified into components through a matrix comprised of three dimensions of extrinsic vs. intrinsic; self vs. other oriented; and active vs. passive. 3. Definition of value Value is an interactive relativistic preference experience Definition of value Value is considered to be an important constituent of relationship marketing and the ability of a company to provide superior value to its customers is regarded as one of the most successful strategies for the 1990s. This ability has become a means of differentiation and a key to the riddle of how to find a sustainable competitive
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Journal of Advanced Social Research 1 (2011) 20-57

SOURCE/YEAR Cronin, Brady, Brand, Hightower and Shemwell (1997)

CONTRIBUTION Definition of value

EXPLANATION advantage. It is the combination of the service quality and its benefits (functional, social, economical) and the sacrifices (time, effort, money) that the individual has to make to obtain the service

Woodruff (1997)

1. Critical evaluation of definitions of CPV based on utility, benefits and quality 2. Defined CPV incorporating both desired and received value and emphasizing that value stems from consumers learned perceptions, preferences, and evaluations

Customer value is a customers perceived preference for and evaluation of those product attributes, attributes performance and consequences arising from the use that facilitate (or block) achieving the customers goals and purposes in use situations

Gronroos (1997)

3. Linked products with use situations and related consequences experienced by goal-oriented customers 4. Customer value hierarchy model Customers apply the means end way to conceive of desired value. Each level is related to the corresponding satisfaction hierarchy with the received value. Also, the linkages between product attributes, consequences and goals are influenced by the use situation 5. Suggest consumer value oriented marketing information system Value Dimensions Cognitive, Emotional Emotional, Systematic Functional and

De Ruyter , Value Dimensions Wetzels, Lemmink, and Mattson (1997)

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Journal of Advanced Social Research 1 (2011) 20-57

SOURCE/YEAR Patterson and Spreng (1997)

CONTRIBUTION Definition of value

Sinha and DeSarbo (1998)

1. VALUMAP

Payne and Holt (2001)

1. Extensive literature review

EXPLANATION Value is the compared outcome of cognition. value is based on cognition, and is difference between benefits and sacrifices which gain from expected and perceived performance perceived value mapping methodology (VALUMAP) to capture perceived consumer value, using latent structure multidimensional scaling, which derives the underlying dimensions of the perceived value of various brands as well as characteristics of different market segments based on how value is formed extensive review of literature on value that included nine streams of research, consumer values vs. consumer value; the augmented product concept; consumer satisfaction and service quality; the value chain; creating and delivering superior consumer value; the customers value to the firm; consumerperceived value; customer value and shareholder value; and relationship value. The study put emphasis on relationship value and introduced an existing multiple stakeholder model of relationship marketing, with the two integrating with each other and forming conceptual framework for relationship value
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Journal of Advanced Social Research 1 (2011) 20-57

SOURCE/YEAR

CONTRIBUTION

EXPLANATION management.

Sweeney and Soutar (2001) Sirdeshmukh, D., Singh, J. and Sabol, B (2002)

2. Multiple stakeholder model of relationship marketing 1. PERVAL Scale with Value Functional (economic Dimensions quality), Social, Emotional 1. Definition of Value

and

Petrick (2002)

Kotler, Wong, Saunders and Armstrong (2005)

The consumers perception of the benefits minus the costs of maintaining an ongoing relationship with a service provider 1. SERV-PERVAL Scale Dimensions- Quality, Emotional response, Monetary price, Behavioral price, Reputation 1. Product model to know the types of Product levels are: value the product can offer to the customer 1. Core benefit or service- is the main purpose that the product needs to fulfill. 2. Actual product- This includes features that the physical product possesses. Features are things that come with the product that can increase value of the product and make the product more sophisticated. It also includes packaging, styling and branding. 3. Augmented product- includes intangible features that exceed normal standards and that make the product surpass the customers expectation. This is something that will make the product stand out from the other products available at the market. The characteristics of the augmented level are installation, after sales service, delivery and credit and warranty

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Journal of Advanced Social Research 1 (2011) 20-57

SOURCE/YEAR Sanchez, Callarisa, Rodriguez and Moliner (2006)

CONTRIBUTION Value Dimensions

Sanchez Fernandez and Iniesta-Bonillo (2007)

Nature of Consumer Perceived Value

EXPLANATION Functional Value of the travel agency (Installations); Functional Value of the contact personnel of the travel agency (Professionalism); Functional Value of the tourism package purchased (Quality); Functional Value Price, Emotional Value and Social Value 1. Value is multidimensional 2. Value is complex 3. Value implies an interaction between Consumer and Product 4. Value is perceptual in nature Components of the Model: Service Quality, Service Equity (Brand Equity), Confidence Benefits and Perceived Sacrifices

Ruiz DM, et al (2008)

Formative Model of Service Value

The above chronological analysis of CPV can be depicted diagrammatically below:

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Journal of Advanced Social Research 1 (2011) 20-57

Fig.5. Evolution of CPV The above depiction of the chronological development of CPV along a timeline spread across nearly three decades helps in understanding the evolution of the construct overtime. As can be seen from above, the most active decade world over with respect to the understanding of the concept (as per the literature review done by authors) has been from 1990-1999. It witnessed the breadth of developments with respect to the construct under study. 9. Schematic Analysis of the Consumer Perceived Value Literature Finally, a schematic analysis of the CPV Literature in the form of a matrix has been carried out. The matrix helps in showcasing or mapping various ways in which literatures review was carried out in the study and includes the timeline and various sources referred. The numbers in the brackets against each such source, referred to the number of articles consulted from them.

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Journal of Advanced Social Research 1 (2011) 20-57

TIME

UPTO 1970

19711980

19811989

19901999

Table 6: Schematic analysis of CPV literature JOURNALS - JOURNALS NON BOOKS MARKETING AND MARKETING RELATED Journal of Marketing (1), N.a. N.a. Management Science (1), Journal of Marketing Research (1) Journal of Marketing (4), Harvard Business The Journal of Marketing Review (1), Academy Nature of Research (1) of Management Human Review (1) Values (1973) Journal of Marketing (5), Harvard Business Market Journal of Marketing Review (1), Journal of Driven Research (3), Journal of Occupational Strategy Consumer Research (3), Psychology (1), (1990), Journal of Retailing (1), Neuropsychologia (1) Consumer Behavior (1),Factor Analysis in Marketing (1) Journal of Marketing (4), Harvard Business Managing Journal of Marketing Review (1), Journal of Customer Research (3), Journal of Business Research (1), Value Consumer Research (3), Management Decision (1994), The Journal of Services (1), Psychological Introducti Marketing (1), Marketing Assessment (1), South on to Science (2), Journal of Western College Consumer Retailing (2), Journal of Publishing (1), Value Academy of Marketing Tourism Management (1999), Science (3), Journal of (1), Adv Dent Res Pricing: Business-to-Business (1), Journal of Making Marketing (1), European Economic Psychology Profitable Journal of Marketing (1), (1), Journal Of The Decisions Advances in Consumer Programme On (1990), Research (2), Journal of Institutional Creating Consumer Psychology Management In Customer (1), European Journal of Higher Education (1), Value Marketing (1), Strategic Management (1995), International Journal of Journal (1), Case Bank Marketing (1), Hospitality Study Journal of Hospitality Management (1), Research: and Leisure International Journal Design Marketing(1), Journal of of Contemporary and Marketing Management Hospitality Methods (1), International Journal Management (1), (1994)

CONFERENCE PAPERS N.a.

N.a.

N.a.

ANZMAC Conference (2)

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Journal of Advanced Social Research 1 (2011) 20-57

2000 TILL DATE

of Research in Marketing (1), International Journal of Service Industry Management (1), Journal of Services Marketing (1), Journal of the Academy of Marketing Science (1), Journal of Empirical Generalizations in Marketing Science (1), Academy of Marketing Science Review (1), Journal of Business and Industrial Marketing (1) Academy of Marketing Science Review (2), Academy of Marketing Studies Journal (1), Industrial Marketing Management (2), International Journal of Bank Marketing (1), International Journal of Service Industry Management (1), Journal of Business & Industrial Marketing (1), Journal of Consumer Marketing (1), Journal of Family Ecology and Consumer Sciences (1), Journal of Marketing (1), Journal of Marketing Management (1), Journal of Marketing Research (1), Journal of Retailing (3), Journal of Retailing and Consumer Services (3), Journal of Service Research (1), Journal of Services Marketing (2), Journal of the Academy of Marketing Science (1), Management & Marketing (1), Marketing

International Journal of Hospitality Management (1), International Journal of Operations & Production Management (1), Sinergie Rapporti Di Ricerca (1), Organizational Dynamics (1)

British Journal of Management (1), Annals of Leisure Research (1), British Food Journal (1), Distributed and Parallel Databases Journal (1), Frontiers Of E-Business Research (2), IIM Ahmedabad (1), Int. J. Electronic Finance (1), International Institute for Industrial Environmental Economics (1), Tourism Management (5), International Journal of Wine Business Research (1), Journal of Business Research (1), Journal of Fashion Business (1), Journal of Leisure Research (1), Journal of Operations Management (1), Managing Service Quality (1), Journal of Park and Recreation Administration (1),

Business Statistics Demystifi ed (2004), Marketing Managem ent (2000), Principles of Marketing (2005), A Handbook of Statistical Analyses using SPSS (2004), Essentials of Research Design and Methodol ogy (2005), Marketing Research; Within a Changing

20th IMP Conference Copenhage n, Denmark. (1), 24th W78 Conference & 5th ITC@EDU Workshop (1), ANZMAC 2005 Conference: Services Marketing (1), ANZMAC 2005 Conference: Tourism Marketing (1), ANZMAC Conference (2), Proceedings of the 13th Asia Pacific Manageme

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Journal of Advanced Social Research 1 (2011) 20-57

Science Institute (1), Marketing Theory (1), Marketing Science (1), QMJ (1), The International Journal of Bank Marketing (1), The Journal of Business and Industrial Marketing (1), The Journal of Customer Behavior (1), Journal of Vacation Marketing (1)

Journal of Travel Research (1), Management Decision (1), Management Dynamics (1), Online Journal of Distance Learning Administration (1), Policy Research in Engineering, Science and Technology (1), Practical Assessment Research & Evaluation (1), Research Centre For The Built And Human Environment (1), SA Journal of Industrial Psychology (1), Strategic Management Journal (1), Sunway Academic Journal (1), The Qualitative Report (1), University of St. Gallen, Working Paper Series in Finance (1)

Informatio n Environm ent (2002), A Handbook of Statistical Analyses using SPSS (2004), Services Marketing - People, Technolog y and Strategy (2007)

nt Conference, Melbourne, Australia (2),

To continue with the above analysis, the following graph was developed so as to understand the scope of the construct in terms of the disciplines studied over a period of nearly three decades.

Fig.6. Frequency for (non) marketing related literature

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Journal of Advanced Social Research 1 (2011) 20-57

As evident from above, the literature review for CPV and its various analyses are spread not only across last three decades but also across the literature absorbed in various marketing and non- marketing related sources in multiple manners. Also, based on the above frequency distribution, the growth in non-marketing areas has been more than the marketing and related disciplines. This shows that there has been broadening of the CPV scope over a period of time and its rising importance. 10. Concluding Remarks To summarize, CPV is as ancient as 1982, where Holbrook for the first time explained the concept in terms of hedonism and experiential value. It is a constant area of research from the ever renewed interest to understand consumer behavior and consumer decision making process. The various definitions of the concept helped in exploring the construct from different perspectives, though CPV as a trade-off between benefits and sacrifices prevailed as the central theme running across definitions. The various dimensions explored as a result of the study by 20 eminent scholars spread across different sectors and nearly two decades were manifestations of some of the early dimensions and further strengthened the idea of CPV as a trade-off concept between benefits and sacrifices. The chronological analysis of CPV attempts to sketch the multiple developments that have had happened over past three decades and it resulted in emergence of the period 1990-1999 as the active period for the development of the construct. Also, witnessed was the broadening of the scope of CPV and its growing importance across disciplines. References Andaleeb Syed Saad and Conway Carolyn. (2006), Customer satisfaction in the restaurant industry: an examination of the transaction-specific model, Journal of Services Marketing, Vol. 20 No.1, pp. 311 Anderson James C. and Narus James A. (1998), Business Marketing: Understand What Customers Value, Harvard Business Review, Nov-Dec 1998, pp. 5-15 Anderson, J. C., Jain, D. C., & Chintagunta, P. K. (1993), Customer value assessment in business markets: a state-of-practice study, Journal of Business-to-Business Marketing, Vol. 1 No.1, pp.3-29 Arnold Mark J. and Kristy E. Reynolds. (2003), Hedonic shopping motivations, Journal of Retailing, Vol.79, pp. 7795 Assael H. (1995), Consumer behavior and marketing action, South Western College Publishing, Cincinnati OH Babin Barry J., Lee Yong-Ki, Kim Eun-Ju and Griffin Mitch. (2005), Modeling consumer satisfaction and word-of-mouth: restaurant patronage in Korea, Journal of Services Marketing, Vol. 19 No.3, pp. 133139 Babin, B. J., Darden, W. R., & Griffin, M. (1994), Work and/or fun: measurin g hedonic and utilitarian shopping value, Journal of Consumer Research, Vol. 20 No. 1, pp.644 -656.
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Holbrook, M.B. (1994), The nature of customer value, in Rust, R.T. and Oliver, R.L. (Eds.) Service quality: New directions in theory and practice, Sage Publications, London: 21 -71 Holbrook, M.B. (1996), Customer value a framework for analysis and research, Advances in Consumer Research, Vol. 23, pp.138-41 Hwang P. Kevin, Fang Chia-Li and Chen Pang-Cheng. (2007) , Unveiling Consumers Perceived Value about Mobile Data Service for Better Product and Market Design, Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, pp. 896-904 Iacobucci Dawn, Ostrom Amy and Grayson Kent.(1995), Distinguishing Service Quality and Customer Satisfaction: The Voice of the Customer, Journal of Consumer Psychology, Vol. 4 No.3, pp. 277-303 Jamal Ahmed and Naser Kamal. (2002), Customer satisfaction and retail banking: an assessment of some of the key antecedents of customer satisfaction in retail banking, International Journal of Bank Marketing, Vol. 20 No.4, pp. 146-160 Jayanti, R. K. and Ghosh, A. K. (1996), Service Value Determination and Integrative Perspective, Journal of Hospitality and Leisure Marketing, Vol.34 No.4, pp.5-25 Jensen Hans Rask. (2001), Antecedents and consequences of consumer value assessments: implications for marketing strategy and future research, Journal of Retailing and Consumer Services, Vol. 8, pp. 299-310 Kaczynski Andrew T. and Crompton L. John. (2004), Development of A MultiDimensional Scale for Implementing Positioning in Public Park and Recreation Agencies, Journal of Park and Recreation Administration, Vol.22 No.12, pp. 1-27 Kantamneni, S. P. and Coulson, K. R. (1996), Measuring Perceived Value: Scale Development and Research Findings from A Consumer Survey, Journal of Marketing Management, Vol.6 No.2, pp.72-83 Karatepe Osman M., Yavas Ugur and Babakus Emin. (2005), Measuring service quality of banks: Scale development and validation, Journal of Retailing and Consumer Services, Vol.12, pp. 373383 Kaul Subhashini. (2006), Hedonism and Culture: Impact on Shopper Behavior, IIM Ahmedabad, W.P. No.2006-10-04, pp. 1-10 Khalifa Azaddin Salem. (2004), Customer value: a review of recent liter ature and an integrative configuration, Management Decision, Vol. 42 No. 5, pp. 645 -666 Kim, J., Forsythe, S., Gu, Q., & Moon, S. J. (2002), Cross-cultural consumer values, needs and purchase behavior, Journal of Consumer Marketing, Vol.19 No.6, pp.481 -502. Komulainen Hanna, Tuija Mainela, Jaana Thtinen and Pauliina Ulkuniemi. (2004), Exploring Customer Perceived Value in a Technology Intensive Service Innovation, 20th IMP Conference Copenhagen, Denmark., pp. 1-28 Kotler Philip. (1982), A Generic Concept of Marketing, Journal of Marketing, Vol. 36, pp. 4654 Kotler, P. (2000), Marketing Management, London, Prentice -Hall
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