The concept and measurement of consumer value: agreements and disagreements
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Published
20-12-2019
Martina G. Gallarza
Irene Gil Saura
Francisco Arteaga Moreno
Abstract
Studying the value concept turns out to be necessary and useful in Marketing because it is academically endemic and professionally relevant. However, despite decades of research, authors denounce a certain vicious circle of conceptual and methodological difficulties in Value research. This work reviews and categorizes these difficulties around agreements and controversies, it provides evidence of the complex nomological network that has been built in years around the value concept. Besides, empirically explores three causal models of relationships between dimensions of Value, Satisfaction and Loyalty, tested with PLS on a sample of 340 hotel customers. The results do not allow to conclude strongly which variable is best explained –Satisfaction or Loyalty– although it does confirm more robust effects of value dimensions (such as Entertainment) on Loyalty, when satisfaction mediates this relationship. We conclude, contextually for this study, on the existence of direct effects (doubled on both Satisfaction and Loyalty) on variable paths) for some Value dimensions and indirect of others in the chain Satisfaction-Loyalty. Managerial implications deriving from results point out the relevance of Entertainment (Play), Esteem, Efficiency, Aesthetics, Ethics and Escapism as key divers for hotel management strategy to enhance, through customer Value, both customer Satisfaction and Loyalty.
How to Cite
Gallarza, M. G., Gil Saura, I., & Arteaga Moreno, F. (2019). The concept and measurement of consumer value: agreements and disagreements. Cuadernos De Gestión, 20(1), 65–88. https://doi.org/10.5295/cdg.180997mg
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Keywords
Value concept and measurement of Value, agreements and controversies, direct and indirect effects, Satisfaction, Loyalty
References
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American Marketing Association, 2017. About AMA, online at www.ama.org/AboutAMA/Pages/Definition-of-marketing.aspx, consultado el 16-5-2018.
Arnould, E.J., 2014. Rudiments of a value praxeology. Marketing Theory, 10 (1), 129-133.
Babin, B.J., Kim, K., 2001. International students travel behavior: a model of the travelrelated consumer/dissatisfaction process. Journal of Travel and Tourism Marketing, 10 (1), 93-106.
Babin, B.J., Darden, W.R., Griffin, M., 1994. Work and/or fun: measuring hedonic and utilitarian shopping value. Journal of Consumer Research, 20 (4), 644-656.
Brady, M.K., Knight, G.A., Cronin, J.J.Jr., Tomas, G., Hult, M., Keillor, B.D., 2005. Removing the contextual lens. A multinational, multi-setting comparison of service evaluation model. Journal of Retailing, 81 (3), 215-230.
Brennan, R., Henneberg, S.C. 2008. Does political marketing need the concept of customer value? Marketing Intelligence and Planning, 26 (6), 559-572.
Brunner-Sperdin, A., Peters, M., Strobl, A., 2012. It is all about the emotional state: Managing tourists’ experiences. International Journal of Hospitality Management, 31, 23–30.
Clark, L.A., Watson, D. 1995. Constructing validity: basic issues in objective scale development. Psychological Assessment, 7 (3), 309-319.
Chen, P.T., Hu, H.-h., 2010. How determinant attributes of service quality influence customer- perceived value. International Journal of Contemporary Hospitality Management, 22 (4), 535-551.
Cronin J.J. Jr., Brady, M.K., Hult, G.T.M., 2000. Assessing the effects of quality, value and customer satisfaction on consumer behavioural intentions in service environments. Journal of Retailing, 76 (2), 193-218.
Diamantopoulos, A., Riefler, P., Roth, K. P., 2008. Advancing formative measurement models. Journal of Business Research, 61 (12), 1203-1218.
Dodds, W.B., Monroe, K.B., Grewal, D., 1991. Effects of price, brand, and store information on buyers’ product evaluations. Journal of Marketing Research, 28 (3), 307-319.
Duman, T., A.S. Mattila, 2005. The role of affective factors on perceived cruise vacation value. Tourism Management, 26 (3), 311-323.
Kim, H.J., Park, J., Kim, M., Ryu. K., 2013. Does perceived restaurant food healthiness matter? its influence on value, satisfaction and revisit intentions in restaurant operations in South Korea. International Journal of Hospitality Management, 33 (1), 397-405.
Efrom, B., Tibshibirani, R. 1986. Bootstrap methods for standard errors, confidence intervals, and other measures of statistical accuracy. Statistical Science, 1, 54-77.
Eid, R., El-Gohary, H., 2015. Muslim tourist perceived value in the hospitality and tourism industry. Journal of Travel Research, 54 (6), 774-787.
Fornell, C., Larcker, D. F., 1981. Structural equation models with unobservable variables and measurement error: Algebra and statistics. Journal of Marketing Research, 382-388.
Gallarza, M.G., Gil-Saura, I., Holbrook, M.B., 2011. The value of value: Further excursions on the meaning and role of customer value. Journal of Consumer Behaviour, 10 (4), 179-191.
Gallarza, M G., Gil-Saura, I., Arteaga-Moreno, F., 2013. The Quality-Value-SatisfactionLoyalty Chain: Relationships and Impacts. Tourism Review, 68 (1), 3-20.
Gallarza, M.G., Arteaga, F., Del Chiappa, G., Gil-Saura, I., Holbrook, M.B., 2017a. A multidimensional service-value scale based on Holbrook’s typology of customer value:
Bridging the gap between the concept and its measurement. Journal of Service Management, 28 (4), 724-762.
Gallarza, M.G., Gil-Saura, I., Arteaga-Moreno, F., 2017b. Exploring competing models on sacrifices, quality, value, satisfaction and loyalty with PLS and partial correlations. European Journal of Tourism Research, 17, 115-134.
Grönroos, C. 2011. Value co-creation in service logic: A critical analysis. Marketing Theory, 11, 279-301.
Hair, J.F., Hult, G.T.M., Ringle, C.M., Sarstedt, M. 2017. A primer on partial least squares structural equations modeling (PLS-SEM) (2nd ed.) Thousand Oaks, CA: Sage.
Hair, J.F., Sarstedt, M., Ringle, C.M., Gudergang 2018. Advanced issues in partial least squares structural equation modeling. Thousand Oaks, CA: Sage.
Heinonen, K., Jaakkola, E., Neganova, I. 2018. Drivers, types and value outcomes of customer-to-customer interaction: An integrative review and research agenda. Journal of Service, Theory and Practice, 28 (6), 710-732.
Henseler, J., Ringle, C.M., Sarstedt, M., 2015. A new criterion for assessing discriminant validity in variance-based structural equation modelling. Journal of the Academy of Marketing Science, 43 (1), 115-135.
Holbrook, M.B., 1999. Introduction to consumer value. In: Morris B. Holbrook, ed. Consumer value: A framework for analysis and research. London: Routledge, 1-28.
Huré, E., Picot-Coupey, K., Ackermann, C.L., 2017. Understanding omni-channel shopping value: a mixed method study. Journal of Retailing and Consumer Services, 39, 314-330.
Hutchinson, J., Lai, F., Wang, Y., 2009. Understanding the relationships of quality, value, equity, satisfaction and behavioral intentions among golf travelers. Tourism Management, 30 (2), 298–308.
Jamal S.A., Othman, N., Muhammad, N.M.N., 2011. Tourist perceived value in a community-based homestay visit: An investigation into the functional and experiential aspect of value. Journal of Vacation Marketing, 17 (1), 5-15.
Karpen, I.O., Bove, L.L., Lukas, B.A. 2012. Linking service- dominant logic and strategic business practice: A conceptual model of a service-dominant orientation. Journal of Service Research 15 (1), 21–38.
Khalifa, A.S., 2004. Customer value: A review of recent literature and an integrative configuration. Management Decision, 42 (5/6), 645-666.
Kline, R.B., 2011. Principles and practice of structural equation modelling (3rd edition). New York: Guilford Press.
Kotler, P.J., 1972. Generic Concept of Marketing, Journal of Marketing, 36 (2), 46-54.
Kotler, P.J., 1991. Marketing Management: Analysis, Planning, Implementation, and Control, 7th Edition, Englewood Cliffs, NJ: Prentice-Hall.
Lai, A.W., 1995. Consumer values, product benefits and customer value: A consumption behavior approach. Advances in Consumer Research, 22, 381-388.
Leroi-Werelds, S., Streukens, S., Brady, M.K., Gilbert Swinnen, 2014. Assessing the Value of Commonly Used Methods for Measuring Customer Value: A Multi-Setting Empirical Study. Journal of the Academy of Marketing Science, 42 (4), 430-451.
Lin, C.H., Sher, P.J., Shih, H.Y., 2005. Past progress and future directions in conceptualizing customer perceived value. International Journal of Service Industry Management, 16(4), 318-336.
Martín-Ruiz, D., Gremler, D.D., Washburn, J.H., Cepeda-Carrión, G., 2008. Service value revisited: Specifying a higher-order, formative measure. Journal of Business Research, 61, 1278-1291.
Mathwick, C., Malhotra, N., Rigdon, E., 2001. Experiential value: Conceptualization, measurement and application in the catalog and internet shopping environment. Journal of Retailing, 77 (1), 39-56.
Mencarelli, R., Riviére, A., 2015. Perceived value in B2B and B2C: A comparative approach and cross-fertilization. Marketing Theory 15 (2), 201–220.
Nesset, E., Nervik, B., Helgesen, O., 2011. Satisfaction and image as mediators of store loyalty drivers in grocery retailing. International Review of Retail, Distribution and Consumer Research, 21 (3), 267-292.
Nunnally, J.C., Bernstein, I.H., 1994. Psychometric theory (3 rd Edition), New York, NY: McGraw-Hill, Inc.
Payne, A., Frow, P., Eggert, A., 2017. The customer value proposition: evolution, development, and application in marketing. Journal of the Academy of Marketing Science, 45(4), 467-489.
Petrick, J.F., 2002. Development of a multi-dimensional scale for measuring the perceived value of a service. Journal of Leisure Research, 34 (2), 119-134.
Petrick J.R., Backman, S.J., 2002. An examination of golf travellers’ satisfaction, perceived value, loyalty, and intentions to revisit. Tourism Analysis, 6 (3–6), 223–237.
Prebensen, N.K., Kim, H., Uysal, M., 2016. Cocreation as Moderator between the Experience Value and Satisfaction Relationship. Journal of Travel Research, 55 (7), 934-945.
Prebensen, N.K., Xie, J. 2017. Efficacy of co-creation and mastering on perceived value and satisfaction in tourists’ consumption. Tourism Management, 60, 166-176.
Sánchez-Fernández, R., Iniesta-Bonillo, M.A., 2006. Consumer perception of value: literature review and a new conceptual framework. Journal of Consumer Satisfaction, Dissatisfaction and Complaining Behavior, 19, 40-58.
Sánchez-Fernández, R., Iniesta-Bonillo, M.A., 2007. The Concept of Perceived Value: A Systematic Review of the Research. Marketing Theory, 7 (4), 427-451.
Sánchez-Fernández, R., Iniesta-Bonillo, M.A., Holbrook, M.B., 2009. The Conceptualisation and Measurement of Consumer Value in Services. International Journal of Market Research, 51 (1), 93-113.
Slater, S.F., 1997. Developing a customer value-based theory of the firm. Journal of the Academy of Marketing Science, 25 (2), 162-167.
Reibstein, D.J., Day, G., Wind, J., 2009. Is Marketing Academia Losing Its Way?. Journal of Marketing, 73 (4), 1-3.
Ritchie, J.R.B., Tung, V.W.S., Ritchie, R.J.B., 2011. Tourism experience management research: Emergence, evolution and future directions. International Journal of Contemporary Hospitality Management, 23 (4), 419-438.
Sheth, J.N., Newman, B.I., Gross, B.L., 1991. Why we buy what we buy: a theory of consumption values. Journal of Business Research, 22 (2), 159-170.
Smith, N.C., 1999. Ethics and the typology of customer value. In Consumer value: A framework for analysis and research, 147-158, edited by Holbrook M.B. Routledge, London.
Storbacka, K., Brodie, R.J., Böhmann, T., Maglio, P.P. Nenonena, S. 2016. Actor engagement as a microfoundation for value co-creation. Journal of Business Research, 69 (8), 3008–3017.
Sweeney, J.C., Soutar, G.N., 2001. Consumer perceived value: the development of a multiple item scale. Journal of Retailing, 77 (2), 203-220.
Tsai, S.P. (2015). Driving holistic innovation to heighten hotel customer loyalty. Current Issues in Tourism 20 (15), 1-16.
Um, S., Chon, K., Ro, Y., 2006. Antecedents of revisit intention. Annals of Tourism Research, 33 (4), 1141–1158.
Vieira, V.A., 2013. Antecedents and consequences of perceived value: A meta-analytical perspective. Journal of Customer Behaviour, 12(2/3), 111–133.
Werts, C.E., Linn, R.L., Jöreskog, K.G., 1974. Intraclass Reliability Estimates: Testing Structural Assumptions. Educational and Psychological Measurement, 34, 25-33.
Wiedmann, K.-P., Labenz, F., Haase, J., Hennigs, 2017. The power of experiential marketing: exploring the causal relationships among multisensory marketing, brand experience, customer perceived value and brand strength. Journal of Brand Management, 25 (3), 101-118.
Woodall, T., 2003. Conceptualising ‘Value for the Customer’: An attributional, structural and dispositional analysis. Academy of Marketing Science Review, 12, 1-42.
Wu, C.H., Liang, R., 2009. Effect of experiential value on customer satisfaction with service encounters in luxury-hotel restaurants. International Journal of Hospitality Management, 28 (4), 586–593.
Yi, Y., Gong, T., 2013. Customer value co-creation behavior: scale development and validation. Journal of Business Research, 66 (9), 1279-1284.
Zauner, A., Koller, M., Hatak, I., 2015. Customer perceived value—Conceptualization and avenues for future research, Cogent Psychology 2, 1-17.
Zeithaml, V.A., 1988. Consumer perceptions of price, quality, and value: A means-end model and synthesis of evidence, Journal of Marketing, 52, 2-22.
Zeithaml, V.A., Bitner, M.J., 1996. Services marketing. USA: McGraw-Hill.
American Marketing Association, 2017. About AMA, online at www.ama.org/AboutAMA/Pages/Definition-of-marketing.aspx, consultado el 16-5-2018.
Arnould, E.J., 2014. Rudiments of a value praxeology. Marketing Theory, 10 (1), 129-133.
Babin, B.J., Kim, K., 2001. International students travel behavior: a model of the travelrelated consumer/dissatisfaction process. Journal of Travel and Tourism Marketing, 10 (1), 93-106.
Babin, B.J., Darden, W.R., Griffin, M., 1994. Work and/or fun: measuring hedonic and utilitarian shopping value. Journal of Consumer Research, 20 (4), 644-656.
Brady, M.K., Knight, G.A., Cronin, J.J.Jr., Tomas, G., Hult, M., Keillor, B.D., 2005. Removing the contextual lens. A multinational, multi-setting comparison of service evaluation model. Journal of Retailing, 81 (3), 215-230.
Brennan, R., Henneberg, S.C. 2008. Does political marketing need the concept of customer value? Marketing Intelligence and Planning, 26 (6), 559-572.
Brunner-Sperdin, A., Peters, M., Strobl, A., 2012. It is all about the emotional state: Managing tourists’ experiences. International Journal of Hospitality Management, 31, 23–30.
Clark, L.A., Watson, D. 1995. Constructing validity: basic issues in objective scale development. Psychological Assessment, 7 (3), 309-319.
Chen, P.T., Hu, H.-h., 2010. How determinant attributes of service quality influence customer- perceived value. International Journal of Contemporary Hospitality Management, 22 (4), 535-551.
Cronin J.J. Jr., Brady, M.K., Hult, G.T.M., 2000. Assessing the effects of quality, value and customer satisfaction on consumer behavioural intentions in service environments. Journal of Retailing, 76 (2), 193-218.
Diamantopoulos, A., Riefler, P., Roth, K. P., 2008. Advancing formative measurement models. Journal of Business Research, 61 (12), 1203-1218.
Dodds, W.B., Monroe, K.B., Grewal, D., 1991. Effects of price, brand, and store information on buyers’ product evaluations. Journal of Marketing Research, 28 (3), 307-319.
Duman, T., A.S. Mattila, 2005. The role of affective factors on perceived cruise vacation value. Tourism Management, 26 (3), 311-323.
Kim, H.J., Park, J., Kim, M., Ryu. K., 2013. Does perceived restaurant food healthiness matter? its influence on value, satisfaction and revisit intentions in restaurant operations in South Korea. International Journal of Hospitality Management, 33 (1), 397-405.
Efrom, B., Tibshibirani, R. 1986. Bootstrap methods for standard errors, confidence intervals, and other measures of statistical accuracy. Statistical Science, 1, 54-77.
Eid, R., El-Gohary, H., 2015. Muslim tourist perceived value in the hospitality and tourism industry. Journal of Travel Research, 54 (6), 774-787.
Fornell, C., Larcker, D. F., 1981. Structural equation models with unobservable variables and measurement error: Algebra and statistics. Journal of Marketing Research, 382-388.
Gallarza, M.G., Gil-Saura, I., Holbrook, M.B., 2011. The value of value: Further excursions on the meaning and role of customer value. Journal of Consumer Behaviour, 10 (4), 179-191.
Gallarza, M G., Gil-Saura, I., Arteaga-Moreno, F., 2013. The Quality-Value-SatisfactionLoyalty Chain: Relationships and Impacts. Tourism Review, 68 (1), 3-20.
Gallarza, M.G., Arteaga, F., Del Chiappa, G., Gil-Saura, I., Holbrook, M.B., 2017a. A multidimensional service-value scale based on Holbrook’s typology of customer value:
Bridging the gap between the concept and its measurement. Journal of Service Management, 28 (4), 724-762.
Gallarza, M.G., Gil-Saura, I., Arteaga-Moreno, F., 2017b. Exploring competing models on sacrifices, quality, value, satisfaction and loyalty with PLS and partial correlations. European Journal of Tourism Research, 17, 115-134.
Grönroos, C. 2011. Value co-creation in service logic: A critical analysis. Marketing Theory, 11, 279-301.
Hair, J.F., Hult, G.T.M., Ringle, C.M., Sarstedt, M. 2017. A primer on partial least squares structural equations modeling (PLS-SEM) (2nd ed.) Thousand Oaks, CA: Sage.
Hair, J.F., Sarstedt, M., Ringle, C.M., Gudergang 2018. Advanced issues in partial least squares structural equation modeling. Thousand Oaks, CA: Sage.
Heinonen, K., Jaakkola, E., Neganova, I. 2018. Drivers, types and value outcomes of customer-to-customer interaction: An integrative review and research agenda. Journal of Service, Theory and Practice, 28 (6), 710-732.
Henseler, J., Ringle, C.M., Sarstedt, M., 2015. A new criterion for assessing discriminant validity in variance-based structural equation modelling. Journal of the Academy of Marketing Science, 43 (1), 115-135.
Holbrook, M.B., 1999. Introduction to consumer value. In: Morris B. Holbrook, ed. Consumer value: A framework for analysis and research. London: Routledge, 1-28.
Huré, E., Picot-Coupey, K., Ackermann, C.L., 2017. Understanding omni-channel shopping value: a mixed method study. Journal of Retailing and Consumer Services, 39, 314-330.
Hutchinson, J., Lai, F., Wang, Y., 2009. Understanding the relationships of quality, value, equity, satisfaction and behavioral intentions among golf travelers. Tourism Management, 30 (2), 298–308.
Jamal S.A., Othman, N., Muhammad, N.M.N., 2011. Tourist perceived value in a community-based homestay visit: An investigation into the functional and experiential aspect of value. Journal of Vacation Marketing, 17 (1), 5-15.
Karpen, I.O., Bove, L.L., Lukas, B.A. 2012. Linking service- dominant logic and strategic business practice: A conceptual model of a service-dominant orientation. Journal of Service Research 15 (1), 21–38.
Khalifa, A.S., 2004. Customer value: A review of recent literature and an integrative configuration. Management Decision, 42 (5/6), 645-666.
Kline, R.B., 2011. Principles and practice of structural equation modelling (3rd edition). New York: Guilford Press.
Kotler, P.J., 1972. Generic Concept of Marketing, Journal of Marketing, 36 (2), 46-54.
Kotler, P.J., 1991. Marketing Management: Analysis, Planning, Implementation, and Control, 7th Edition, Englewood Cliffs, NJ: Prentice-Hall.
Lai, A.W., 1995. Consumer values, product benefits and customer value: A consumption behavior approach. Advances in Consumer Research, 22, 381-388.
Leroi-Werelds, S., Streukens, S., Brady, M.K., Gilbert Swinnen, 2014. Assessing the Value of Commonly Used Methods for Measuring Customer Value: A Multi-Setting Empirical Study. Journal of the Academy of Marketing Science, 42 (4), 430-451.
Lin, C.H., Sher, P.J., Shih, H.Y., 2005. Past progress and future directions in conceptualizing customer perceived value. International Journal of Service Industry Management, 16(4), 318-336.
Martín-Ruiz, D., Gremler, D.D., Washburn, J.H., Cepeda-Carrión, G., 2008. Service value revisited: Specifying a higher-order, formative measure. Journal of Business Research, 61, 1278-1291.
Mathwick, C., Malhotra, N., Rigdon, E., 2001. Experiential value: Conceptualization, measurement and application in the catalog and internet shopping environment. Journal of Retailing, 77 (1), 39-56.
Mencarelli, R., Riviére, A., 2015. Perceived value in B2B and B2C: A comparative approach and cross-fertilization. Marketing Theory 15 (2), 201–220.
Nesset, E., Nervik, B., Helgesen, O., 2011. Satisfaction and image as mediators of store loyalty drivers in grocery retailing. International Review of Retail, Distribution and Consumer Research, 21 (3), 267-292.
Nunnally, J.C., Bernstein, I.H., 1994. Psychometric theory (3 rd Edition), New York, NY: McGraw-Hill, Inc.
Payne, A., Frow, P., Eggert, A., 2017. The customer value proposition: evolution, development, and application in marketing. Journal of the Academy of Marketing Science, 45(4), 467-489.
Petrick, J.F., 2002. Development of a multi-dimensional scale for measuring the perceived value of a service. Journal of Leisure Research, 34 (2), 119-134.
Petrick J.R., Backman, S.J., 2002. An examination of golf travellers’ satisfaction, perceived value, loyalty, and intentions to revisit. Tourism Analysis, 6 (3–6), 223–237.
Prebensen, N.K., Kim, H., Uysal, M., 2016. Cocreation as Moderator between the Experience Value and Satisfaction Relationship. Journal of Travel Research, 55 (7), 934-945.
Prebensen, N.K., Xie, J. 2017. Efficacy of co-creation and mastering on perceived value and satisfaction in tourists’ consumption. Tourism Management, 60, 166-176.
Sánchez-Fernández, R., Iniesta-Bonillo, M.A., 2006. Consumer perception of value: literature review and a new conceptual framework. Journal of Consumer Satisfaction, Dissatisfaction and Complaining Behavior, 19, 40-58.
Sánchez-Fernández, R., Iniesta-Bonillo, M.A., 2007. The Concept of Perceived Value: A Systematic Review of the Research. Marketing Theory, 7 (4), 427-451.
Sánchez-Fernández, R., Iniesta-Bonillo, M.A., Holbrook, M.B., 2009. The Conceptualisation and Measurement of Consumer Value in Services. International Journal of Market Research, 51 (1), 93-113.
Slater, S.F., 1997. Developing a customer value-based theory of the firm. Journal of the Academy of Marketing Science, 25 (2), 162-167.
Reibstein, D.J., Day, G., Wind, J., 2009. Is Marketing Academia Losing Its Way?. Journal of Marketing, 73 (4), 1-3.
Ritchie, J.R.B., Tung, V.W.S., Ritchie, R.J.B., 2011. Tourism experience management research: Emergence, evolution and future directions. International Journal of Contemporary Hospitality Management, 23 (4), 419-438.
Sheth, J.N., Newman, B.I., Gross, B.L., 1991. Why we buy what we buy: a theory of consumption values. Journal of Business Research, 22 (2), 159-170.
Smith, N.C., 1999. Ethics and the typology of customer value. In Consumer value: A framework for analysis and research, 147-158, edited by Holbrook M.B. Routledge, London.
Storbacka, K., Brodie, R.J., Böhmann, T., Maglio, P.P. Nenonena, S. 2016. Actor engagement as a microfoundation for value co-creation. Journal of Business Research, 69 (8), 3008–3017.
Sweeney, J.C., Soutar, G.N., 2001. Consumer perceived value: the development of a multiple item scale. Journal of Retailing, 77 (2), 203-220.
Tsai, S.P. (2015). Driving holistic innovation to heighten hotel customer loyalty. Current Issues in Tourism 20 (15), 1-16.
Um, S., Chon, K., Ro, Y., 2006. Antecedents of revisit intention. Annals of Tourism Research, 33 (4), 1141–1158.
Vieira, V.A., 2013. Antecedents and consequences of perceived value: A meta-analytical perspective. Journal of Customer Behaviour, 12(2/3), 111–133.
Werts, C.E., Linn, R.L., Jöreskog, K.G., 1974. Intraclass Reliability Estimates: Testing Structural Assumptions. Educational and Psychological Measurement, 34, 25-33.
Wiedmann, K.-P., Labenz, F., Haase, J., Hennigs, 2017. The power of experiential marketing: exploring the causal relationships among multisensory marketing, brand experience, customer perceived value and brand strength. Journal of Brand Management, 25 (3), 101-118.
Woodall, T., 2003. Conceptualising ‘Value for the Customer’: An attributional, structural and dispositional analysis. Academy of Marketing Science Review, 12, 1-42.
Wu, C.H., Liang, R., 2009. Effect of experiential value on customer satisfaction with service encounters in luxury-hotel restaurants. International Journal of Hospitality Management, 28 (4), 586–593.
Yi, Y., Gong, T., 2013. Customer value co-creation behavior: scale development and validation. Journal of Business Research, 66 (9), 1279-1284.
Zauner, A., Koller, M., Hatak, I., 2015. Customer perceived value—Conceptualization and avenues for future research, Cogent Psychology 2, 1-17.
Zeithaml, V.A., 1988. Consumer perceptions of price, quality, and value: A means-end model and synthesis of evidence, Journal of Marketing, 52, 2-22.
Zeithaml, V.A., Bitner, M.J., 1996. Services marketing. USA: McGraw-Hill.
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