Value In Marketing Literature Review

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Value represents a very important concept in the marketing literature and so many scholars and researchers have tried to find a definite and fixed definition for it. However this wide concept definition couldn't be reached due to many reasons. Literary, perceived value often has an ambiguous definition, especially when using the terms value and values as there is a need for the meaning of the terms “values” and “value” to be clarified (Agle and Caldwell, 1999; De Chernatony et al., 2000; Solomon, 1999; Woo, 1992 cited in Boksberger, Melsen, 2011). The term “value” refers to a preferential judgment of either a single transaction or an ultimate end-state; whereas “values” are the determinants of any social behavior including attitude, ideology, beliefs and justifications (Boksberger, Melsen, 2011). There are so many definitions of perceived value that can be found to exist. However, as a common definition of value in the marketing literature, value is defined as a ratio or trade-off of total benefits received to total sacrifices (Buzzell and Gale, 1987; Monroe, 1979 and 1990 cited in Patterson and Spreng, 1997; Monroe and Krishnan, 1985 cited in Patterson and Spreng, 1997, Sweeney, 1994 cited in Patterson and Spreng, 1997). The consumer’s overall assessment of the utility of a product, based on…show more content…
the input-outcome ratio) is rooted in the equity theory which emphasizes consumers’ perceptions of justice and fairness of the service delivery (Adams, 1963 cited in Boksberger, Melsen, 2011; Martins and Monroe, 1994). Bolton and Drew (1991) identified a positive relationship between benefits and perceived value, and a negative relationship between sacrifice and perceived value. They reached the conclusion that the customer perceived value is to be considered as a trade-off between consumers’ evaluation of the benefits gained through the use of a service and the sacrifice that can be made to use the service (Boksberger, Melsen,

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