Customer value from a customer perspective: a comprehensive review |
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Authors: | Dr Albert Graf Dr Peter Maas |
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Institution: | (1) Research Associate, Institute of Insurance Economics, University of St. Gallen, Kirchlistrasse 2, 9010 St. Gallen, Switzerland;(2) Member of the Executive Board, Institute of Insurance Economics, University of St. Gallen, Kirchlistrasse 2, 9010 St. Gallen, Switzerland |
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Abstract: | The value concept is one of marketing theory’s basic elements. Identifying and creating customer
value (CV) – understood as value for customers – is regarded as an essential prerequisite for
future company success. Nevertheless, not until quite recently has CV received much research attention.
Ideas on how to conceptualize and link the concept to other constructs vary widely. The literature contains
a multitude of different definitions, models, and measurement approaches. This article provides a broad
overview, analysis, and critical evaluation of the different trends and approaches found to date in this
research field, encompassing the development of perceived and desired customer value research, the relationships
between the CV construct and other central marketing constructs, and the linkage between CV and the company
interpretation of the value of the customer, like customer lifetime value (CLV). The article concludes by
pointing out some of the challenges this field of research will face in the future.
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Keywords: | Customer value Desired customer value Perceived customer value Consumer behaviour |
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