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1、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
2、 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. Specifical
3、ly, the paper seeks to understand customer-perceived value in both services and newshopping contexts, such as the online setting. The implications for researchers and managers are considered.Keywords：Customer-perceived value, Axiology, Psychology, Economics,MarketingIntroductionThe products and serv
4、ices 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 judgementsmade about these items during this process are central to consumer decisionmaking, value is of conc
5、ern: for consumers wishing to make sound purchasechoices; for practitioners wishing to improve their customers perceptions ofvalue; and for researchers seeking to clarify the conceptual underpinnings ofcustomer-perceived value and its relationship with other marketing variables.Previous work raises
6、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; Rokea
7、ch, 1973). The concept can be examined fromdifferent angles: the customers viewpoint; the shareholders perspective; inrelation to the value chain; or from a business-to-business standpoint. Theperspective adopted in this paper reflects that of Gale (1994), who sees valueas the customers view of the
8、product/service offered by an organisation compared with those available from competing firms.Customer-perceived value is of growing interest both to researchers from different disciplines and to business practitioners. This paper adopts a holistic view of the value construct, drawing on literature
9、from axiology, psychology,economics and marketing to reflect calls for more multidisplinary research in marketing (Lemmink, 2005; Rust & Oliver, 1994) and for greater synthesis of research from diverse areas (Holbrook, 1999). The paper begins by reviewing and synthesising the concept of customer-per
10、ceived value, clarifying the distinction between the notion of value and values. By considering theemerging convergent and divergent themes, a deeper understanding of theconstruct and its influences is achieved. Specifically, this conceptualisationaddresses the need for researchers to understand cus
11、tomer-perceived valuein the services and new shopping contexts, including the online setting. A more comprehensive definition of perceived value is developed and the implications for researchers and business practitioners are explored.BackgroundAlthough studied in the marketing literature for two de
12、cades, the crux of customer-perceived value remains ambiguous. Value has been studied in a number of different domains, being considered in relation to utility(Kahneman & Tversky, 1979), benefit (Monroe, 2003), quality (Holbrook, 1994), values (Lai, 1995; Long & Schiffman, 2000), and satisfaction an
13、d beliefs. In all, nineteen different terms have been used to refer to value (Woodall, 2003). The terms are frequently used interchangeably, leading to confusion about the concepts scope and definition. Such confusion also reflects the examination of the value concept in different ways in different
14、disciplines.Few studies of customer-perceived value distinguish clearly between the concepts of value and values, despite evidence suggesting the need for unambiguous boundaries around each. Some authors use the terms interchangeably (see Lai, 1995; Long & Schiffman, 2000), while others do not expla
15、in the distinction between them (Holbrook, 1994; Ledden,Kalafatis & Samouel, 2007). Oliver (1999) provides a useful starting point fordistinguishing between value and values, suggesting that consumptionvalue and personal values are linked. Hubert, Herrmann and Morgan (2001)adopt a similar view, demo
16、nstrating that an individuals personal valuescan be ascertained through their possession or consumption of particular productsi/services. This perspective supports the idea that customer-perceived value may be influenced by an individuals personal values. Ledden et al.s (2007) study of higher educat
17、ion reinforces this notion, suggesting that researchers treat personal value and consumption value at a disaggregated, rather than at an aggregated level.Values are generally regarded as the principles of right and wrong accepted by an individual or social group. Schwartz (1994, p. 88) definesvalues
18、 as desirable goals, varying in importance that serve as guiding principles in peoples views. Values, therefore, act as guiding principlesfor evaluating people, behaviour or events. Rokeach (1973) regards valuesas resulting from the cultural, institutional and personal forces acting onindividuals th
19、roughout their lives. Thus, values are a psychological structurethat becomes internalised through cultural, societal and personal experiences,guiding and influendng individuals social attitudes and behaviour Valuesare also a conception of desirable, (Allport, 1963; Kluckhohn, 1951) self-sufficient e
20、nds that can be ordered and serve as an orientation to action.Furthermore, individuals living within a particular society often share manyvalues and act in accordance with these shared standards or beliefs (Cileli,2000; Prizer & Travers, 1975). This observation highlights the importanceof values in
21、individuals belief and action systems and their significance inunderstanding both motivation and behaviour (Bengston & Lovejoy, 1973).Emphasising the inherent values in peoples minds, Rokeach (1973)attributes values with an enduring and emotional quality (Reich & Adcock,1976). Thus, individuals can
22、be seen to feel good or bad about values. Ascognition is associated with emotion, the motivational component of value isalso stressed, since the number of values held by an individual is constrainedonly by their level of cognition. This definition is inherently broad as itincludes objects as well as
23、 states of mind; yet this imprecision means thatthese subjective evaluations can be acquired in different ways and may havediffering degrees of centrality for individuals.Rokeach (1973) identifies two important functions of values: (i) themode of conduct, such as evaluating and judging individuals a
24、nd others;and (ii) motivation, which is concerned with the attainment of values.For example, if values underscore an individuals life, the need to achievestandards of excellence becomes conceptually tied to that persons need tomaintain and enhance self-esteem. The objects considered most important i
25、nan individuals life often characterise their personal values (Kahle & Kennedy,1989). For example, a person who values achievement is likely to rate highlyproducts that are instrumental in occupational success. Such values play acrucial role for that individual; guiding their actions, attitudes, jud
26、gementsand the comparisons they make of products and services (Rokeach, 1973;Richins, 1994a, 1994b). Therefore, individuals judgements about specificproducts/services reflect their values (Prentice, 1987).If personal values are as central to life as scholars suggest, it is safeto assume they influen
27、ce individuals consumption behaviour 。The reasoncertain products are preferred over others should therefore be considered inlight of the products significance and relation to personal values.In contrast to values, value in consumer behaviour is a conviction thata specific product/service is preferab
28、le to any other; a conviction which canbe used to evaluate and judge behaviour (Collins Cobuild, 1995). Value is anormative proposition because it relates to a need that requires satisfactionor that finds its meaning in a universal truth. Holbrook (1994) developsthis distinction between value and va
29、lues, defining value as a preferencejudgement, and values as the criteria by which people make preferencejudgements. Therefore, value and values are related yet distinct from each other (Holbrook, 1994; Ledden et al., 2007). Moreover, personal values areknown to affea human behaviour (Collins, Steg
30、& Koning, 2007), albeitprobably indirectly and mediated by other more specific factors.According to Rokeach (1973), and Gardner and Stern (1996), values arerelatively stable across time, with individuals having different personal valuesarising from their personality, education and culture (Taylor, 1
31、961 ). However,the personal and situational aspects of value (Hilliard, 1950; Lewis, 1946;Von Wright, 1963) enable the construct to change over time (Parasuraman,1997; Parasuraman & Grewal, 2000; Woodruff, 1997). Individual valuecomponents, including quality and price, are also likely to vary accord
32、ing tothe type of produd/service purchased and its significance to the customer(Sweeney & Soutar, 2001).In summary, there are clear differences between the scope and definitionof personal values and consumption value. Customer-perceived valuechanges over time, is highly personal and situational; whi
33、le personal valuesare relatively stable and influenced by individuals education, culture, religionand personality. While the importance of integrating personal values intocustomer-perceived value research is generally acknowledged, the focus ofthis paper is principally on consumption value rather than on personal values.Conceptualising customer-perceived value