Maximizing customer perceived value is central to the marketing discipline. Marketing professionals therefore require a robust means of measuring value perceptions in order to monitor requirements for and the effectiveness of value enhancing activities. However, value measurement suffers from five flaws. First, while the predominant one-dimensional approach offers simplicity of operationalization, it calculates a 'net' perception, thus failing to capture the nature of contributory benefits and sacrifices and generating limited actionable insight. Second, most multi-dimensional measures lack a robust, empirically derived foundation, subsequently offering limited validity. Third, the failure of underlying models to delineate value from quality leads to conceptual confusion within multi-dimensional value measurement. Fourth, value studies typically focus on individual perceptions, neglecting any relational influences on value, despite evidence within the marketing research of shared and collective value perceptions. Fifth, existing value scales often fail to capture the abstract nature of customer value.
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