Customer perceived value—Conceptualization and avenues for future research

Abstract

Given the present dynamic consumption environment due to technological innovations as well as interlinked economic developments on the macro-, micro-, and societal-level, researchers and managers have been increasingly showing interest in the concept of customer perceived value. However, especially given its vast empirical application, surprisingly little effort has been paid to synthesize various perspectives on the dimensionality, abstraction, and model taxonomy of customer perceived value. Therefore, based on a comprehensive literature review, this article identifies the predominant conceptualization of customer perceived value, thus also providing a sound basis for future empirical assessments of this concept, and discusses avenues for future research. In addition to contributing to research, this study also contributes to practice by comprehensively positioning customer perceived value as a key source of competitive advantage in the context of relationship marketing, management, and business models.

Keywords:

• customer perceived value
• literature review
• research agenda

Public Interest Statement

This paper provides an extant review on the nature of the psychological latent construct customer perceived value. Hence, this conceptual analysis of customer perceived value adds to the knowledge on psychological phenomena in applied psychology and business and management-related disciplines as well as to the application of the construct in applied market and field settings.

Competing interests

The authors declare no competing interests.

Additional information

Funding

Funding. The authors received no direct funding for this research.

Notes on contributors

Alexander Zauner

Dr. Alexander Zauner is currently senior marketing consultant for marketmind GmbH in Vienna, Austria. PD Dr. Monika Koller and PD Dr. Isabella Hatak are associate professors at WU Vienna, with PD Dr. Hatak being also affiliated with JKU Linz. The authors have been researching the concept of perceived customer value and its relation with other purchase-related phenomena intensively over the past decade. Results of empirical studies in this context have been published in multiple top-tier academic journals. Moreover, PD Dr. Koller and Dr. Zauner have developed a new management approach within this context. This innovative approach has been attracting interest of both marketing academics and executives alike.