The 'Value Of Marketing' and 'The Marketing Of Value' in Contemporary Times –A Literature Review and Research Agenda

Over the last quarter of a century, it has become increasingly apparent that the traditionally accepted production based view of the value adding process is no longer realistic. Awareness of the value created through the provision of services and the increasing importance of services in the economic and business environment suggests that value can also be created through the consumption process. For marketers to use the value adding potential of consumption to fulfil the marketing concept, the nature of the process and the value created by it need to be investigated. This paper provides an overview of the changing business environment and its implications for our understanding of the concept of value. It examines the increasing interest in the literature in the concept of experiential value and highlights the problems caused by its very personal, idiosyncratic and situational nature; and, suggests a conceptual model around which research into the topic can be organised. Finally, it suggests a methodology for carrying out research that would provide some insight into the factors that cause consumers' perceptions of experiential value to vary so much.     

A Study on Pollutant Emission Through Gas Consumption in the Hong Kong Hotel Industry

A survey of 11 hotels in Hong Kong was carried out to collect three years' energy consumption data. Regression analysis indicated that gross floor area was a major and statistically acceptable factor in explaining the gas consumption in new hotels. Based on past consumption data and some established pollutant emission factors, the amount of sulphur dioxides, nitrogen dioxides, carbon dioxides and particulate created by the Hong Kong hotel industry's gas usage during a 10-year period from 1989–1998 was estimated. The study predicts the increase in these amounts in 1999–2003 accompanying the rise in the number of hotels. The findings indicate that emissions will rise by nearly 40% in the next few years, requiring urgent discussions. The study also finds that a heat pump running on coal-fired electricity and with a coefficient of performance (COP) greater than 3 could produce lower level emissions than a gas-fired boiler. It is further suggested that an effective method to reduce the emissions is to substitute naptha with natural gas as the fuel for generating town gas and electricity. We believe the hotel industry should adopt a more proactive approach to reduce gas usage and propose the inclusion of environmental reporting in trade journals.     

I am,ergo I shop: does store image congruity explain shopping behaviour of Chinese consumers?

Extant research on the relationship between consumer image congruence and retail store choice suggests that there exist four types of self congruity (actual self-congruity, social self-congruity, ideal self-congruity, and ideal social self-congruity) based on the identification of four types of selfconcept (actual self-image, social self-image, ideal self-image, and ideal social self-image). Mixed results have been produced by research undertaken in the western context particularly in terms of which type(s) of self-congruity is(are) significantly related to consumer attitudes and behaviour. To assess further the predictive power of different types of image-congruity, we conducted an empirical study among Chinese consumers on the relationship between self-congruity, satisfaction, perceived value and store loyalty. China was chosen for this study because recent entry of European and American retailers in China exerts strong need for better understanding of retail consumer behaviour. Moreover both anecdotal and literature evidences suggest that Chinese consumers could differ significantly from the western counterparts in terms of how their self-congruity influences their shopping behaviour. The results of structural equation modelling on our sample (n=320) indicate that consumer attitude and store loyalty are mainly driven by self consistence and social confirmation (i. e., actual self-congruity and social self-congruity) rather than by self-enhancement or esteem (i. e., ideal selfcongruity and ideal social self-congruity). Our finding offers strong managerial implications for western retailers' marketing strategies in the Chinese market.     

Firm Experience and International Trade Fairs

This paper examines the behaviour of firms at international trade fairs (ITF). It advances the idea that prior ITF exhibiting experience shapes practice and performance. ITF usage is used as a proxy for experience and two groups identified—"heavy users" and "light users." Propositions are developed and tested on data collected from 303 Canadian companies. Key findings are that (1) fair selection practices appear to differ only marginally between heavy and light ITF users, whereas (2) exhibit planning and management practices, and (3) performance levels, differ sharply between heavy and light ITF users. Thus, experience impacts on ITF planning and management practices, and on performance levels, but less so on ITF selection.     

The Role of Value Change Management in Relationship Dissolution: Hygiene and Motivational Factors

Responding to client needs is a central tenet of marketing, and thought vital to relationship renewal in the business-to-business context. We explore this issue by examining whether supplier response to client requests for value change is sufficient motivation for client firms to renew relationships with advertising agencies. Based on 17 dyadic interviews we find that reacting to client initiated value change is a relationship hygiene factor that does not of itself encourage renewal as it fails to evolve the structure of the relationship over time, and leads to client perceptions of supplier complacency. Although firms must respond to customer requests for value change to avoid dissatisfaction developing in the relationship, they must also actively seek to improve the relationship through driving market actions. We identified these as supplier initiated value change (SIVC), contributing to the emerging literature on value change by identifying a more vital component of managing client relationships to avoid dissolution and enhance the prospects of renewal.     

Customer Satisfaction,Service Quality and Perceived Value: An Integrative Model

The present study examines the relationships among customer satisfaction, service quality and perceived value. These variables are increasingly recognised as being sources of competitive advantage. However, little empirical research has been conducted to examine these variables simultaneously and their relationships with post-purchase behaviour. The present study was therefore designed to develop an understanding of the relationships among these variables and their influence on postpurchase behaviour. An integrative model was developed and tested using data collected from customers in the restaurant industry. The results reveal that customer satisfaction and perceived value significantly influence post-purchase behaviour. Implications of the findings and areas for future research are discussed.     

Management framework guiding strategic thinking in rapidly changing markets

Developing a management framework to guide strategic thinking in changing markets is increasingly critical for researchers and executives in coping with the complex and rapidly changing global business environment. Conventional training and practices have too often led strategy researchers and executives to assume a stable competitive box around existing businesses, not recognising the effects of radical and increasingly disruptive change on markets and competitive space. New strategic thinking logic and initiatives require a conceptual framework to guide obtaining information, perceptive interpretation of strategic issues and trends, and choice of the right strategic initiatives. The conceptualisation begins by determining the market-based strategic capabilities needed to identify the nature and scope of determinants of market changes. These changes must be identified, driven by new competition, new business models, and creativity and innovation. Understanding fast changing markets requires identifying new market space, conducting strategic segmentation analysis, and determining customer value requirements. Finally, this knowledge guides strategic vision and formulation and implementation of market-driven strategies for changing markets. The framework is based on conceptual logic and empirical findings from multiple disciplines including marketing strategy and strategic management     

Seal Management in Scotland: Tourist Perceptions and the Possible Impacts on the Scottish Tourism Industry

Fisheries organisations in Scotland have repeatedly called for culls of common and grey seals, despite their conservation status and no supporting scientific evidence. This current study investigated the opinion of tourists in West Scotland as to whether seal populations should be reduced to manage their increasing numbers. The study also looks at whether such a cull would influence tourist behaviour. In total 735 interviews were conducted. There were regional differences in levels of opinion but, on average, 60% of respondents believed that seals should not be regulated and 17% stated that the instigation of a cull would affect their decision to visit Scotland on holiday. In the Highlands of Scotland alone this could represent over £100 million in lost tourism income. A boycott by tourists to the Highlands, as the result of introducing seal culls, could equate to a financial loss equivalent to a third of the total value of Scottish fisheries. Tourism is Scotland's main industry and is particularly important for the economy of rural areas. Any further proposals for seal culls should seriously consider the negative and indirect impacts these culls could have, such as reductions in tourist numbers and tourism income to a region.     

Value dimensions and relationship postures in dyadic 'Key Relationship Programmes'

Business-to-business marketing is often concerned with the way in which companies manage strategically important relationships with their counterparts: their Key Relationship Programmes (KRPs). These relationships can be managed through the implementation of specific managerial and organisational structures, commonly implemented via Key Account Programmes (on the supplier side) or Key Supplier Programmes (on the customer side). Underlying this managerial process is an implicit assumption that these important relationships bring some form of additional value to one or both parties involved. However, a dyadic view of how this value is created and shared between the parties remains an under-researched area. In this conceptual paper, we use the multi-faceted value construct introduced in Pardo et al. (2006) and posit that the buyer's or seller's value strategies can be best understood as being internally, exchange, or relationship based. This in turn allows us to analyse the value gained as being the outcome of one of nine generic key relationship postures within any dyadic KRP. We focus on an analysis of so-called "managed" relationship postures and identify a number of dyadic activities and competencies that we hypothesise are important in managing such KRPs, and which can form the basis for further empirical research.     

Relationship Value Management: Exploring the Integration of Employee,Customer and Shareholder Value and Enterprise Performance Models

Value as a theme in the relationship marketing literature is gaining increasing attention. In particular, the synthesis of value concepts with a multi-stakeholder approach to relationship marketing has been the subject of recent interest. Building on earlier work, this article explores how key elements of relationship value can be integrated through a focus on three key stakeholder groups: employees, customers and shareholders. The linkages between employee value, customer value and shareholder value, including the research on the service-profit chain, are explored. The paper also explores the extent to which linkage models or enterprise performance models, which integrate these components of value, have been adopted by organisations. Two case studies are used to illustrate the practical application by organisations seeking to develop enterprise performance models.