2.1.5.9 Conclusion perceived value

Reviewed perceived value identified the dimensions and/or and antecedents of value, which are likely to affect purchase intentions and customer satisfaction.

The marketing literature confirms that perceived value is linked through the use to some product, service or object; is something perceived subjectively; and, involves a trade-off between the salient perceived benefits and costs. Prior research reported the context dependent and multi-dimensional nature of perceived value. Although perceived value is highly personal and idiosyncratic (Zeithaml 1988), researchers have tried to classify common purchase-related costs and benefits. A stream of research focuses on the axiological dimensions or components of perceived value; this stream of research sees perceived value as the (weighted) summation of the identified components.

Another stream of research is more interested in understanding the interrelationships and sometimes allows the benefits and costs to act as components and antecedents of value. This study follows the last stream of research, as it provides additional insights into the relative effects of the antecedents of perceived value and purchase intentions. Next, it fits better with how consumers actually make evaluations of shopping online and offline (cf. Dabholkar et al. 2000).

A review of the product and store value literature showed the following classification of purchase-related costs and benefits:

1. Service quality,
2. Merchandise quality,
3. Monetary price,
4. Time/effort costs,
5. Psychological costs,
6. Enjoyment.

In addition to this, the construct of perceived value (i.e. value for money) has been found to frequently act as a mediator between the components and purchase intentions (e.g. Sweeney et al. 1999). Consumers are expected to consider these seven criteria when evaluating online and offline stores.

Figure 9 displays the antecedents of perceived value and purchase intentions. The conceptual model itself is well founded in the literature; it, however, introduces enjoyment as an additional predictor of purchase intentions. Note that this treats the shopping experience costs and benefits, depicted in the square box, as components of value, rather than as predictors of the value construct

Figure 9 Base model of channel purchase intentions.

This study argues that this model holds for both the online and offline context: consumers consider the same benefits and costs, but may vary in their performance scores and weights they attach to them (see Verhoef et al. 2005).