Measuring Perceived Value: Scale Development and Research Findings From a Consumer Survey

Abstract

Marketers are continuously faced with the task of providing products that are of value to consumers. However, the nature of consumers’ perception of value has been very confusing to both academicians and practitioners of marketing. A literature review identifies 27 variables that could help conceptualize perceived value. In order to develop an understanding of how consumers perceive value, a scale of 27 items is developed and administered to 750 respondents. The results of the survey support a four factor model of value: Core Value, Personal Value, Sensory Value and Commercial Value. Limitations of the study and managerial implications are addressed.