A Review on Customer Perceived Value and Its Main Components

Abstract

Objective – The purpose of this paper is to have a revision on customer perceived value and main components of customer value. Methodology/Technique – This study was conducted to address following problem. The problem is; satisfied customers may not return to the firm and spread positive word-of-mouth communications to others despite of having customer satisfaction in a firm. Whereas customer value can help to build trust and causes willing to commit long-term relationship with a firm. Thus, customer perceived value is discussed by offering a review on the importance of customer perceived value, and its main components. Findings – The paper finds out, in spite of having customer satisfaction, the firm does not deliver what is exactly value in the mind of customer. Therefore, by offering desired value to the customers, long-term relationship gained which is the result of customer loyalty. Novelty – This revision attempts to makes more clarification on customer perceived value as a foundation stone to the success of buyer-seller relationships. Paper type: Conceptual Paper

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ISSN 2289-8506 © 2015 GATR Enterprise. All rights reserved.
Global Journal of Business and Social Science Review
journal homepage: www.gjbssr.org
GJBSSR, Vol. 1 (2), January-March 2015: 632-640
ISSN 2289-8506
A Review on Customer Perceived Value and Its Main
Components
Rasoul Asgarpour1*, Abu Bakar A. Hamid2, Zuraidah Binti Sulaiman3
1 PhD Candidate, Johor Baharu, Malaysia
2 Professor, Kuala Lumpur, Malaysia
3 Dr., Johor Baharu, Malaysia
ABSTRACT
Objective – The purpose of this paper is to have a revision on customer perceived value and main
components of customer value.
Methodology/Technique – This study was conducted to address following problem. The problem is;
satisfied customers may not return to the firm and spread positive word-of-mouth communications to
others despite of having customer satisfaction in a firm. Whereas customer value can help to build trust
and causes willing to commit long-term relationship with a firm. Thus, customer perceived value is
discussed by offering a review on the importance of customer perceived value, and its main components.
Findings – The paper finds out, in spite of having customer satisfaction, the firm does not deliver what
is exactly value in the mind of customer. Therefore, by offering desired value to the customers, long-
term relationship gained which is the result of customer loyalty.
Novelty – This revision attempts to makes more clarification on customer perceived value as a
foundation stone to the success of buyer-seller relationships.
Paper type: Conceptual Paper
Keywords: Customer Perceived Value, Customer Value, Price, Product Quality, Service Quality
__________________________________________________________________________________
1. Introduction
Delivering superior customer value is an essential strategy for firms to gain competitive
advantage and long term success (Woodruff, 1997; Parasuraman, 1998). In addition, customers
make purchasing decisions based on perceived value, or the degree to which their needs and
expectations about product quality, service quality, and/or price are satisfied (Duchessi, 2004).
With an understanding of a company’s mission, goals, and strategies and of its customers’
needs and expectations, the company can develop a value proposition for delivering superior
value to its customers. This action will allow the company to attract new customers, retain
existing customers, and deliver significant profits. If a company maximizes value for its
customers, success follows (Zineldin, 2006).
* Paper Info: Revised: December, 2014
Accepted: January, 2015
Corresponding author:
E-mail: rasoolas2000@yahoo.com
Affiliation: Johar Bahru, Malaysia

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2. Customer Perceived Value
Customer perceived value (CPV) is identified by terms of value (Monroe, 1990; Zeithaml,
1988) or customer value (Butz Jr & Goodstein, 1997). Zeithaml (1988) defines CPV as "the
consumer's overall assessment of the utility of a product based on perceptions of what is
received and what is given" (p. 14). CPV determination process is clearly presented from the
definition. CPV is a result from the consumers' pre-purchase perception (expectation),
evaluation during the transaction (expectation vs. received), and post-purchase (after-use)
assessment (expectation vs. received).
Expectation is also used in the customer satisfaction literature and is defined as
"predictions made by consumers about what is likely to happen during an approaching
transaction or exchange" (A Parasuraman, Zeithaml, & Berry, 1988). In the service literature,
expectation is defined as "desires or wants of consumers, i.e., what they feel a service provider
should offer rather than would offer"(A Parasuraman, et al., 1988). From the post-purchase
aspect, Butz and Goodstein (1997) define customer perceived value as "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 or provide an added value" (p. 63).
Moliner et al. (2007) define customer perceived value as "a dynamic variable that is also
experienced after consumption, It is necessary to include subjective or emotional reactions that
are generated in the tourist" (p. 199). Woodruff (1997) defines customer perceived value from
pre-purchase, transaction, and post purchase aspect that "customer value is a customer's
perceived preference for an evaluation of those product attributes, attribute performances, and
consequences arising from use that facilitate (or block) achieving the customer's goals and
purposes in use situations" (p. 142).
Moreover, customer perceived value involves a discrepancy between the received benefits
and sacrifices. McDougall and Levesque (2000) define perceived value as "the results or
benefits customers receive in relation to total costs which include the price paid plus other costs
associated with the purchase" (p. 3). The benefits include customers' desired value. The
sacrifices include monetary and non-monetary (time, alternative products or alternative brands
and self experiences) sacrifices (Dodds, Monroe, & Grewal, 1991).
Moliner et al. (2007) view value as the perceived worth in functional value of goods or
service quality and price, emotional value of feeling, and social value of social impact from
self-experiences and other alternatives. Anderson et al. (1992) view value in business markets
as "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 (p. 5). Anderson et al. (1992) consider
economic, technical, service, and social constructs as benefits as well as price paid and
suppliers' offerings and prices as sacrifices.
And finally, Gale et al. (1994) defines customer value as "market-perceived quality
adjusted for the relative price of (the seller's) product" (p. xiv). In line with Gale et al. (1994),
Monroe (1990) defines CPV as "buyers perceptions of value represent a trade off between the
quality or benefits they perceive in the product relative to the sacrifice they perceived by paying
the price" (p. 46). Furthermore, as the other unanimous definition, Gale et al. (1994) and Rust
et al. (2004) posit that value is the ratio between customer's perceived quality earned and price
(monetary and non-monetary) paid.
The Importance of Customer Perceived Value
Bowen and Shoemaker (2003) state that satisfied customers may not return to the firm and
spread positive word-of-mouth communications to others. One of the reasons is that the firm
does not deliver what customers need or want (Roig, Garcia, Tena, & Monzonis, 2006).
Woodruff (1997) further identifies that customer satisfaction measurement without fulfilment
of customer perceived value can not really meet the customer's expectations. It means offering
real value to customer should be one of the most important goals of a company. Thus, delivering
superior value to customer is building the firms' competitive advantage (Ulaga and Chacour,
2001; Lee and Overby, 2004).

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Marketing exists to deliver more value to customers as well as build a long-term and
mutually profitability relationship with customer (Kotler, 2005). Value is the foundation stone
to the success of buyer-seller relationships (Lemon, Rust, & Zeithaml, 2001). If a firm's
products or services do not meet the customer's needs and wants, the marketing strategy is
defective. Customer value can reduce uncertainty and help in building trust and result in willing
to commit long-term relationship with a firm (Kim et al., 2006; Moliner, Sanchez et al., 2007).
Therefore, by offering more value to the customers, long-term relationship gained which is the
result of customer loyalty.
In fact, the keys to success in business world are the ability to understand what constitutes
value in the minds of customers and the ability to continually deliver that value better than other
competitors (Duchessi, 2004). Moreover, as Barnes (2001) states, a client will be willing to buy
a product or service when a commercial relationship generates value for a client. A study by
Zeithaml and Bitner (1996) shows that clients identify value in different ways: (1) What the
customer wants from a product or service. (2) Low price. (3) Quality/price correlation. (4)
What the customer gives up in relation to what he or she gets.
Therefore, as a conclusion, according to the statements made by Duchessi (2004) and
Zeithaml and Bitner (1996) in above, product quality, service quality and price are main
antecedents of customer perceived value. In addition, as woodruff (1997) mentioned, customer
satisfaction measurement without fulfilment of customer perceived value can not really meet
the customer's expectations which emphasizes the effect of customer perceived value as a
complementary for acquiring obtaining customer satisfaction.
Components of Customer Value
The basic components of customer value are product quality, service quality, and price
(Duchessi, 2004). Regarding to basic components of customer value, Duchessi (2004) formed
those components into the Value Cube. The cube suggests that companies can increase value
by meeting or exceeding customers’ expectations along any one, or all, of these dimensions.
Companies deliver innovative, or breakthrough, customer value when they make a quantum
leap along all three dimensions simultaneously.
The Value Cube applies to every type of business. Product-producing companies make
tangible products, can inventory their output, have generally low customer contact, and are
capital-intensive. Whereas, service-producing companies offer intangible products, cannot
inventory their output, have high customer contact, and are labor-intensive. The classic
distinctions between these types of companies are not so clear because every product is
associated with some service and every service has a tangible component. For example, the
delivery and installation of a refrigerator includes delivery during a certain time window,
descriptions of operation and maintenance procedures, and a high amount of customer contact.
Similarly, the bill that follows a visit to a physician’s office is a tangible item that can be
inventoried and involves little customer contact during its preparation.
A company’s value proposition is a strategy about how it expects to deliver value to
customers along the Value Cube’s various dimensions (Duchessi, 2004). Companies can define
customer value in an equation as product quality plus service quality divided by price offered
by Duchessi (2004):
𝐶𝑢𝑠𝑡𝑜𝑚𝑒𝑟 𝑉𝑎𝑙𝑢𝑒 = 𝑃𝑟𝑜𝑑𝑢𝑐𝑡 𝑄𝑢𝑎𝑙𝑖𝑡𝑦 + 𝑆𝑒𝑟𝑣𝑖𝑐𝑒 𝑄𝑢𝑙𝑖𝑡𝑦
𝑃𝑟𝑖𝑐𝑒
This equation portrays the concept of customer value only; as a result, it does not reduce
customer value to a scalar quantity. Thus value is a bundle of product and service benefits for
a price. Companies that offer a unique value proposition will be successful. Successful
companies offer an imaginative combination of various product and service benefits at prices
that win and retain customers. The most successful companies offer radically superior value

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that is based upon quantum leaps in product and service quality at the lowest prices. Duchessi
(2004) states companies can increase value using one or more of the following strategies:
As the first strategy, they can decrease the denominator by reducing prices, leaving product
and/or service benefits constant. As the second strategy, they can enlarge the numerator by
increasing any of the product and/or service benefits, leaving prices constant. Or they can
implement both of previous strategies: improve the product and/or service benefits and lower
prices simultaneously.
According to prior statements, customers make purchasing decisions in terms of satisfied
needs and expectations about product quality, service quality, and price. Thus product quality,
service quality, and price as basic value ingredients are emphasized in all of the statements so
far such as Lemon et al. (2001), Zeithaml and Bitner (1996), and Duchessi (2004). In addition,
as customer loyalty can be defined as the personal identification felt by the client in regard to
the performance of a product or service, and how this feeling drives the client’s behaviour
(Barnes, 2001). Therefore, it can be concluded that, customer satisfaction and loyalty is closely
related to performance which is having the right product or service, at the right price.
Product Quality
Product quality is the core concern in purchasing decisions. Product quality and service quality
are of the same importance in affecting customer satisfaction (Parasuraman, Zeithaml, & Berry,
1994). However, because customers are unable to see the actual product in an online shopping
context, their decisions are based on expectations about product quality rather than certain
knowledge. Satisfaction occurs when the product quality is greater than initially expected. After
consumption, each customer evaluates the quality of the purchased product and updates his or
her expectations about the quality of future purchases (Athanassopoulos, 2000; Hellier,
Geursen, Carr, & Rickard: 2003). Thus, product quality is a key factor affecting shopping
satisfaction, especially in maintaining long-term customer relationships.
According to Garvin (1983), perceived product quality is the customer's judgment about
the superiority or excellence of a product. For both online and off-line shoppers, perceived
product quality could be a key factor, especially in maintaining long-term customer
relationships (Snoj, Korda, & Mumel, 2004; Petre, Minocha, & Roberts, 2006). Perceived
product quality plays a crucial role affecting purchasing choices (Brucks, Zeithaml, &Naylor,
2000). Similarly, many previous studies suggest that perceived product quality is positively
associated with perceived value (Sebastiane1Ii & Tamimi, 2002; Snoj et al., 2004; Story &
Loroz, 2005; Petre et al., 2006). Perceived product quality, as a form of overall evaluation of a
product, is a relatively global value judgment (Sebastianel1i & Tamimi, 2002; Crosby &
Johnson, 2004; Story & Loroz, 2005). As the perception of value comes from a trade off
between a "give" component (perceived sacrifice) and a 'take" component (in the form of
products and services), a higher level of perceived product quality will lead to a higher level of
perceived value.
Service Quality
Service quality is crucial to the success of any service organization. Since customers participate
in delivery and consumption of services, they interact closely with various aspects of
organizations. This knowledge gives them the opportunity to assess critically the services
provided in organizations (Kandampully, 2000). Customers will assess service quality by
comparing services they received with their desired services. Hence, service quality plays a
critical role in adding value to the overall service experience (Lau, Akbar, & Fie, 2005).
Service quality can be defined as the conformance to customer requirements in the delivery
of a service (Chakrabarty, Whitten, & Green, 2007). Service quality is important to service
firms because it has been shown to increase profit levels, reduce costs, and increase market
shares (Anantharanthan Parasuraman, Zeithaml, & Berry, 1985). Moreover, service quality has
been shown to influence purchase intentions (Sullivan & Walstrom, 2001), and is used by some
firms to strategically position themselves in the marketplace (Brown & Swartz, 1989).
Therefore, service quality is a significant factor which influences purchase intention, market
share and profit level which are some of the ultimate goals of each company. Moreover, service

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quality is one of the key factors of customer loyalty which play a role as a value component in
order to gain customer loyalty and profitability.
Some researches have suggested that customers assess service quality by comparing what
they feel a seller should offer (i.e., their expectations) with the seller’s actual service
performance (Lehtinen and Lehtinen 1982; Lewis and Booms 1983). This description of service
quality found strong support in an extensive exploratory study (Anantharanthan Parasuraman,
et al., 1985), which also identified various specific attributes on which customers might assess
the expectations-performance gap.
In addition to the prior general definitions of service quality, some definitions are based
on online business point of views discussed as follows. Service quality is considered to be one
of the key determinants of online retailer success (Jarvenpaa & Todd, 1997). Zeithaml et al.
(2000) defined Web site service quality as the extent to which a Web site facilitates efficient
and effective shopping, purchase, and delivery of products and services.
Online shoppers perceive the benefits and convenience of obtaining information about
products directly from the Internet rather than through an off-line store (Zhang & Prybutok,
2005). The reduction in time needed to research product costs and product related information
has also been identified as a key benefit of online shopping (Ariely, 2000). Being able to search
quickly for information about a product or service increases customer satisfaction and improves
customer intentions to revisit and repurchase (Lynch Jr & Ariely, 2000). Customer perceptions
of convenience directly affect perceptions of service quality and satisfaction in online shopping
(Zhang & Prybutok, 2005). there is a consensus among researchers that favouring superior
customer service as having the greatest impact on customer satisfaction and loyalty (Grewal,
Iyer, & Levy, 2004).
In the services marketing literature, the service quality construct is a controversial topic
(Rust and Oliver, 1994; Zeithaml, 2000; Brady and Cronin, 2001; Zins, 2001). In the business-
to-consumer literature, researchers have adopted three road conceptualisations. The first,
proposed by Gro¨nroos (1982), defined the dimensions of service quality in global terms as
being functional and technical. The second, proposed by Parasuraman et al. (1988), identified
service-quality dimensions using terms that describe service-encounter characteristics
(reliability, responsiveness, empathy, assurances, and tangibles). The third, proposed by Rust
and Oliver (1994), considered overall perception of service quality to be based on the
customer’s evaluation of three dimensions of service encounters: the customer-employee
interaction, the service environment, and the service outcome.
In light of previous three conceptualizations for service quality dimensions, usually
Parasuraman et al. (1988) model has been adopted in researches. Moreover, Parasuraman et
al.’s (1988) research is one of the extensive exploratory studies which also identified various
specific attributes on which customers might assess the expectations-performance gap.
Parasuraman et al. (1988) model is clarified in details in following.
In theoretical models building by Parasuraman et al. (1988) and on the basis of findings
from empirical research in several sectors, Parasuraman et al. (1988) identified five generic
dimensions that customers use as criteria in judging service quality that is defined as following.
Reliability: ability to perform the promised service dependably and accurately;
Responsiveness: willingness to help customers and provide prompt service; Assurance:
knowledge and courtesy of employees and their ability to inspire trust and confidence;
Empathy: caring, individualized attention the firm provides its customers; Tangibles:
appearance of physical facilities, equipment, personnel, and communication materials.
Out the five service quality dimensions, reliability has generally surfaced as the most
critical dimension, based on both direct measures of relative importance (Valarie A Zeithaml,
Parasuraman, & Berry, 1990) and importance weights derived from regression analyses (A
Parasuraman, et al., 1988). Therefore, providing reliable service is the core element of service
quality.
However, case studies and anecdotal evidence strongly suggest that achieving sustainable
competitive advantage in the marketplace will be very difficult with just superior products and

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reasonable prices; regardless of whether a company’s core offerings are products or services,
superior service quality is essential for excellent market performance on an enduring basis
(Berry, 1999). Therefore, service quality is much more difficult for competitors to copy
effectively than product quality and price (Parasuraman and Grewal, 2000; Parasuraman et al.,
2005). Moreover, the greater competitive leverage that service quality offers is also relevant in
the context of perceived value and customer loyalty since these are important determinants of
market performance (Ananthanarayanan Parasuraman & Grewal, 2000).
In conclusion, offering superior customer service has the greatest impact on customer
satisfaction and loyalty (Grewal, et al., 2004). Thus, the importance and effect of service quality
as one of the major value components is emphasized and confirmed as it is mentioned in above.
Price
From the consumer's perspective, price is what is given up or sacrificed to obtain a product or
service. Defining price as a sacrifice is consistent with conceptualizations by other pricing
researchers (Monroe and Krishnan, 1985; Chapman, 1986). Price is described as “the amount
of money charged for a product or service; the sum of the values that customers exchange for
the benefits of having or using the product or service” by Kotler and Armstrong (2010). The
real price of a product or service makes sense after the subjective interpretation of the customer
(Oh, 2000).
Jacoby and Olson (1977) distinguished between objective price (the actual price of a
product) and perceived price (the price as encoded by the consumer). Objective monetary price
is frequently not the price encoded by consumers. Some consumers may notice that the exact
price but others may encode and remember the price only as "expensive" or "cheap." Still others
may not encode price at all. Studies reveal that consumers do not always know or remember
actual prices of products. Instead, they encode prices in ways that are meaningful to them
(Dickson & Sawyer, 1990).
For customers, the perceived price, which includes time: effort, and search costs, is more
meaningful than the actual monetary price of an item or service. The customer usually judges
price and service quality based on the concept of equity and generates his or her satisfaction or
dissatisfaction level based on that concept (Oliver, 1997). In other words, in an evaluation of
overall price fairness, the customer considers both the monetary and non-monetary costs of
acquiring the product or service (Cronin et al., 2000; Homburg et al., 2005).
Perceived sacrifice is defined as what is given up or sacrificed to acquire a service (Heskett,
1990). It is a multidimensional construct, which is measured by indicators representing visitors’
perceptions of the monetary and the nonmonetary dimensions of price associated with
acquisition and use of a service. Perceived monetary price is usually assessed by a direct
measure of price paid for the service, while non-monetary price can be assessed by measures
of time and effort associated with a service (Cronin, Brady, & Hult, 2000).
Price significantly influences visitors’ purchase behavior and consequently an
organization’s revenues (Han et al., 2001). For the service provider, price is an important
decision variable that influences the profitability of an organization. For visitors, price
represents part of the sacrifice they have to make to receive the service. Visitors are likely to
use various cues or types of information when evaluating alternate destinations. Among the
types of information cues visitors evaluate, the use of price to arrive at a perception of product
quality has been one of the most frequently examined (K. B. Monroe & Krishnan, 1985).
The price can be a clue regarding expectations related to the performance of the products
and services (Mattila & O'Neill, 2003). In other words, price can affect customers’ satisfaction
regarding a product or service (Bojanic, 1996), repurchasing, and WOM intentions (Han and
Ryu, 2009; Kozak, 2001), which has a psychological effect on their assessments (Kim & Jang,
2013). Price can also play a role as a moderate variable between satisfaction and behavioural
intention (Siu, Wan, & Dong, 2012). For instance, Siu et al. (2012) found that the satisfaction
level of customers having low-price perception is more determinant on their behavioural
intentions.

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In short, price is one of the components of customer value and key drivers of customer
loyalty. In addition, in light of prior theoretical and empirical statements, perceived price could
effect customer decision making, customer satisfaction and customer loyalty respectively.
3. Conclusion
Although various customer perceived value definitions mentioned by different authors,
the proposition of Gale (1994) and Rust et al. (2004) can be adopted to conclude that value is
the ratio between customer's perceived quality earned and price (monetary and non-monetary)
paid. To maximize customers' value ratio, a firm either to decrease customers' price paid or add
more value to them. As it was supported by Duchessi (2004), companies can increase value by
improving the product and/or service benefits and lowering prices simultaneously or one of
them individually. The technical, service, social (social approval), emotional (feeling),
economic factors drive customers' subjective assessment toward quality of goods or services
and sacrifice they made which is price. Thus, it can be concluded that companies can build
competitive advantage by delivering superior-desired value to customer. Moreover, customer
perceived quality and price are the main components of customer value which have significant
role in offering superior value to customers.
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