The concept and measurement of consumer value: agreements and disagreements

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.