Measuring Customer Perceptions of Product Value

Paper Summary:

The paper analyzes and identifies alternative conceptions of value, as value is perceived by customers, reviews scales designed to measure customer perceptions of product value and compares these measurement scales. The writer brings examples from specific products and individual methods of sale to illustrate the various ways in which a company can affect their perception.

From the Paper:

"Herr and Fazio (1992) suggested that consumer attitudes towards products should be investigated as a basis for predicting brand loyalty. NPD Group (1997) researched this relationship that brand loyalty can be predicted to some extent on the basis of consumer attitude, with 74 percent of consumers with a strong positive attitude toward a brand actually behaving as a high-brand loyal consumer and 90 percent of consumers with a weak attitude toward a brand actually behaving as a low-brand loyal consumer. Consumers with moderately positive attitudes toward a brand, however, were more likely (44 percent) to behave in actual purchasing as low-brand loyal consumers than as moderate-brand loyal consumers (37 percent) or as high-brand loyal consumers (19 percent)."

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