The concept of perceived value: a systematic review of the research

Sánchez-Fernández, Raquel; Iniesta-Bonillo, M. Ángeles

doi:10.1177/1470593107083165

Cited by 1,269Customer Service Quality and LoyaltyConsumer Market Behavior and PricingConsumer Behavior in Brand Consumption and Identification

The concept of perceived value: a systematic review of the research

Sánchez-Fernández, Raquel, Iniesta-Bonillo, M. Ángeles·2007·Marketing Theory

DOI 10.1177/1470593107083165

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Abstract

The purpose of this article is to present a systematic review of the extensive research that has been conducted on the conceptualization of perceived value. The major conclusions of the present study are: (i) that both uni-dimensional and multi-dimensional models of value have their roles to play in providing simplified (uni-dimensional) and complex (multi-dimensional) understandings of the concept; (ii) that the nature of perceived value is complex and multi-dimensional; (iii) that the concept of perceived value implies an interaction between a consumer and a product; (iv) that value is relative by virtue of its comparative, personal, and situational nature; and (v) that value is preferential, perceptual, and cognitive-affective in nature. By organizing and synthesizing the major research streams and the individual studies within them, the present study thus provides a comprehensive framework for future studies of the dimensionality of perceived value.

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Utility theory holds that customers derive value according to the difference between the utility provided by buying a certain service and the disutility represented by the price paid or the sacrifices made.
“This relationship is theoretically rooted in utility theory, which holds that customers derive value according to the difference between the utility provided by buying a certain service (or engaging in a certain activity) and the disutility represented by the price paid or the sacrifices made to attain the service (or engaging in that particular activity) (Sánchez-Fernández and Iniesta-Bonillo 200”
From Understanding and managing customer relational benefits in services: a meta-analysis (2020) · cites this paper as Sánchez-Fernández and Iniesta-Bonillo 2007

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Authors: Sánchez-Fernández, R., & Iniesta-Bonillo, M. Á.
Affiliations: University of Almería, Spain,
Venue: Marketing Theory
Publisher: SAGE Publications
Published: 2007-12
Volume: 7
Issue: 4
Pages: 427-451
ISSN: 1470-5931 (ISSN-L)
1741-301X
DOI: 10.1177/1470593107083165
OpenAlex: W2018962458
Cited by: 1,269
References: 118
Citations by year: 2026: 58 · 2025: 86 · 2024: 117 · 2023: 101 · 2022: 93 · 2021: 91 · 2020: 107 · 2019: 85 · 2018: 93 · 2017: 69 · 2016: 71 · 2015: 76 · 2014: 67 · 2013: 44 · 2012: 42
FWCI: 2.37
Type: journal article
Language: en
Open access: closed
Licence: journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)
Locations: Marketing Theory (publishedVersion)
Topics: Social Sciences › Business, Management and Accounting › Organizational Behavior and Human Resource Management › Customer Service Quality and Loyalty
Social Sciences › Business, Management and Accounting › Marketing › Consumer Market Behavior and Pricing
Social Sciences › Business, Management and Accounting › Marketing › Consumer Behavior in Brand Consumption and Identification
Keywords: perceived value, value dimensions, consumer-product interaction, relative value, situational value, consumer behavior

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The concept of perceived value: a systematic review of the research

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