Enriching Customer Value Research with a Relational Perspective

Abstract

Much of the research on customer perceived value in marketing has been guided by a transactional view, in which determinants of value perceptions are studied with a focus on discrete transactions rather than recurring exchange relationships. Using data collected from a survey of organizational buyers, we found that perceptions of both relational benefits and relational costs significantly influence organizational buyers' perceived value. These effects remained significant when compared with those of perceived episodic benefits and costs. Our research underscores the need for a relational perspective of customer perceived value, whereby both episodic and relational antecedents of value should be accounted for and influenced by elements of the marketing mix.

Key Words:

• Organizational buyer behavior
• customer perceived value
• relational perspective of value
• relational benefits and costs
• transactional perspective of value
• episodic benefits and costs
• relationship marketing