Consumer Perceived Value in Understanding Herbal Medicine Consumption: A Conceptual Model

Abstract

Introduction: Facing extensive competition, the marketers and producers of herbal medicine products (HMP) should pay more concern to maintaining repeat purchases and keeping customers loyal with their products.  Purpose: This study aims to (1) propose the dimensions of consumer perceived value (CPV) for HMP; and (2) propose a conceptual framework to test CPV influences on consumption behavior, repurchase intention and customer loyalty.  Methodology: The value dimensions of HMP included functional value (price), functional value (quality), social value, emotional value (feeling), and conditional value (holistic treatment value).  CPV was proposed as an antecedent of repurchase intention and customer loyalty.  Implications:  A conceptual framework with a second-order multi-dimensional CPV as the antecedent of repurchase intention and customer loyalty was proposed.  This article proposed a conceptual framework to analyze the influence of value dimensions on HMP.  This could provide useful theoretical insights into the values perceived in HMP consumption behavior.