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CHAPTER THREE

REVIEW OF LITERATURE

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3.1 INTRODUCTION

A review may be a self-contained unit – an end in it – or a preface to and rationale

for engaging in primary research. Review is a required part of grant and research

proposals and often a chapter in theses and dissertations. The purpose of a review is to

analyze critically a segment of a published body of knowledge through summary,

classification, and comparison of prior research studies. This chapter provides the

summary of the literature reviewed by the researcher in order to understand the research

gap pertaining to the select concept.

3.2 REVIEW OF SELECT STUDIES

Abigali Naana Adams (2006) had done study on “Customer Perceived Value in

Internet banking in Ghana”. The study showed that internet banking offered customers

some level of value and satisfaction in terms of location and time convenience as well as

cost saving but it is also fraught with teething problems ranging from limited internet

access, limited service (non-transactional), occasionally slow internet connectivity and

website downloading. It also reveals that banks need to promote internet banking by

having an active stake in the development of the internet infrastructure and offering more

incentives to customers and the study gives suggestions to match the internet technology

with robust software and networking systems, Customer-Value-perception-based

strategies, benchmarking and adequate training of staff and overall develop core

competences in the face of an increasingly dynamic industry.

Akshay Anand (2007), in his study “E-satisfaction – A Comprehensive

framework” analyses the role that consumer perceptions of online convenience,

merchandising, serviceability, site design, and financial security play in e- satisfaction

assessment and finds that convenience, site design, and security are the dominant factors

in consumer assessments of e-satisfaction.

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In the working presented by Albert Graft & Peter Mass (2008) have theoretically

discussed about the “Customer Value from a Customer Perspective: A Comprehensive

View” discusses the value concept is one of marketing theory’s basic elements. This article

provides a broad overview, analysis, and critical evaluation of the different trends and

approaches found to date in this research field, encompassing the development of perceived

and desired customer value research, the relationships between the Customer Value

construct and other central marketing constructs, and the linkage between Customer Value

and the company interpretation of the value of the customer, like customer lifetime value.

The article concludes by pointing out some of the challenges this field of research will face in

the future.

Albert Werthienner, et al. (2010), had identified the importance of innovation in a

study named “Assessing different perspectives on the value of pharmaceutical

innovation”. Numerous pharmaceutical products are launched each year for the treatment

of various medical conditions. The prescriber is in a difficult position to determine which

the optimal product is for a specific patient, when he has available immediate release as

well as sustained action capsules and tablets, chewable tablets and liquid dosage forms.

The efficacy and safety were accorded the highest status. Pharmacists and patients

appeared to be most welcoming of some of the listed features. This pilot study

demonstrates that there appears to be a recognized value assigned to some product

features and it may differ by audience.

Alison Dean (2005) has identified in a study titled “Comparing factors that

contribute to value: The case of seniors and shopping” tests the relative importance of the

factors that contribute to the overall value of different retail outlets for seniors’ segments

in Australia. A range of factors are investigated, under the broad areas of store

characteristics (eg, perceived service orientation) and customer characteristics (eg, social

outcomes). It is expected that the value that seniors obtain from specific shopping

contexts will differ from the younger counterparts.

In a study of Anandan. C et al. (2006), they have highlighted psychographic

profiles in reading habits o newspapers. Their study titled as “A study of the impact of

values and lifestyles (VALS) on brand loyalty with special reference to English


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Newspaper”. It is an attempt to recognize the preferences and segment the readers of the

English newspapers based on their psychographic profiles by using VALS. It is a way of

viewing people on the basis of their attitudes, needs, wants, beliefs and demographics.

This research also analyzes the influence of psychographic factors on brand loyalty based

on Brand loyalty scale and suggests the psychographic segments to be targeted by the

brands to sustain in the competitive Market environment. Different types of market

dominance strategies for various market positions are also explored.

Azman Ismail et al. (2009), had presented a theoretical paper titled “Exploring the

relationship among service quality features, perceived value and customer satisfaction”. In that

the concentration is mainly on the relationships among service quality features (responsiveness,

assurance, and empathy), perceived value and customer satisfaction in the context of Malaysia.

The results indicate three important findings: firstly, the interaction between perceived value

and responsiveness was not significantly correlated with customer satisfaction. Secondly, the

interaction between perceived value and assurance also did not correlate significantly with

customer satisfaction. Thirdly, the interaction between perceived value and empathy correlated

significantly with customer satisfaction. Thus the results demonstrate that perceived value had

increased the effect of empathy on customer satisfaction, but it had not increased the effect of

responsiveness and assurance on customer satisfaction.

Azman Ismail et al. (2009), in their study titled “Empirically testing the

relationship between income distribution, Perceived value money and Pay satisfaction”.

Outcomes of hierarchical regression analysis showed that the interaction between

perceived value of money and income distribution significantly correlated with pay

satisfaction. This result confirms that perceived value of money does act as a moderating

variable in the income distribution model of the organizational sample. In addition,

discussion and implications of this study are elaborated.

Bolton, (1991), in his study on “A Multistage Model of Customer’ Assessments

of service quality and value” develops a model of how customers, endowed with prior

experiences and expectations, assess service performance levels, overall service quality,

and service value. The model is applied to residential customers' assessments of local

telephone service. It is estimated with two stage least squares using survey data.


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Residential customers' assessments of quality and value are primarily a function of

disconfirmation arising from discrepancies between anticipated and perceived performance

levels. However, the perceived performance levels have an important direct effect.

Bunthuwun laohasirichaikul, (2008), had presented an article tiled as “Effective

customer relationship management of health care: a study of hospitals in Thailand”.

This investigates the effects and the relative importance of the four perceived service

quality dimensions on corporate image, customer satisfaction, and customer loyalty. The

findings indicate that the four dimensions significantly affect corporate image, customer

satisfaction, and customer loyalty. More specifically, the doctor concern dimension is the

most important factor affecting customer satisfaction and customer loyalty. The tangibles

dimension is the most important factor affecting corporate image.

About building information modeling the scholars Burnin Becerik-Gerber, (2008),

had done a publication in the journal of information of technology in construction.

The study named “The Perceived value of Building Information Modelling in the

U.S.Building Industry”. The aim of the study is to understand the perceived value of BIM

and thus to provide a benchmark for future studies. The results of the study is very early

to talk about BIM since most of the firms are in the initial deployment stage. To have an

effective result 5 to 8 years is needed. But as an introduction phase it had achieved

consistency, accuracy, availability and co-ordination.

Chia-Chi Lin (2003), examined, “The Role of Customer Perceived Value in

Generating Customer Satisfaction: An E-business Perspective” and discussed the concept

of Customer Perceived Value and the extent to which it plays a moderating role between

consumer satisfaction and e-business. This article takes a wider focus than simply

considering the element of trust which is particularly important in virtual relationships.

This paper having set out an evaluative framework for incorporating social responsibility

then concentrates on exploring the proposition that customer satisfaction and e-business

is full, or partially, moderated by customer perceived value.

Ching-Fu Chen, (2010), studied “Experience Quality, Perceived Value,

Satisfaction and Behavioral Intentions for Heritage Tourists” highlights the visitor

experience of heritage tourism and investigates the relationships between the quality of


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those experiences, perceived value, satisfaction, and behavioral intentions. Using

structural equation modeling (SEM) technique, the results reveal the direct effects of the

quality of experience on perceived value and satisfaction.

Here is a discussion paper submitted by David Cohen et al (2006), about the

“Customer Satisfaction: A study on bank customer’s retention in New Zealand” indicates

that customer retention is an important element of banking strategy in today’s

increasingly competitive environment. Bank management must identify and improve upon

factors that can limit customer defection. These include employee performance and

professionalism, willingness to solve problems, friendliness, level of knowledge,

communication skills, and selling skills, among others. Results suggest that the most

important constructs were customer satisfaction, followed by corporate image and

switching barriers. There was also evidence that customers’ age groups and level of

education contributed to explaining respondents' propensity to stay with their current banks.

Deborah H.Herting (2010), says managing project is a hectic task. That he has proved

in his research named “The perceived value and impact of social characteristics when

managing projects". The global world projects are an integral component of doing business in a

dynamically changing, uncertain, and complex marketplace. An organization’s ability to adapt

may depend on its ability to communicate and integrate cross-functionally. Many organizations

use tools, methodologies, and processes that add rigor to the project life cycle. As the discipline

grows, the human side of project management must be considered. There is increasing global

awareness that social characteristics are an important component to managing projects. Art and

science will converge to create a new socially aware manager. Project managers are positioned

to be change agents as their organizations experience a metamorphic paradigm shift.

Deepali Singh (2006), in her study “Customer perceived value in etailing”

examines Customer Value Management has been used widely by market-oriented firms

to differentiate themselves from competitors and is considered a major priority by

executives. In this study a conceptual framework approach is followed for estimating the

contribution of each context towards Perceived Customer Value. It provides a rich

understanding of the current attitudes of on-line shoppers to marketing managers to

segment and target the “Internet market” more effectively.


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Elizabeth Hemphill and Gus Geursen, (2005), in their study named “Do Customer

Value, Satisfaction and Service Quality Lead To Firm Value?” aims to re-examine links

between customer value, satisfaction and service quality to establish whether a

generalized approach to modeling firm value based on perceptions of customer value is

plausible. Using Partial Least Squares software banking, insurance and recruitment

industries are examined as 3 different examples in a services context. Differences in

results between the industries suggest further investigation and modeling of links

between firm and customer value should be context specific, allowing for the different

roles of customer value, satisfaction and service quality.

According to Emin Babakus, (1992), Servqual is a standard instrument for

measuring functional service quality in the hospital environment. This is a reliable

instrument which had been used in the article titled “Adapting servqual scale to hospital

services: An empirical investigation submitted to health service research”. Defining and

measuring the quality of service has been a major challenge for health care marketers.

A comprehensive service quality measurement scale (SERVQUAL) is empirically

evaluated for its potential usefulness in a hospital service environment. Active

participation by hospital management helped to address practical and user-related aspects

of the assessment. The completed expectations and perceptions scales met various criteria

for reliability and validity. Suggestions are provided for the managerial use of the scale,

and a number of future research issues are identified.

Erdogan H. Ekiz, and Huseyin Arasli (2008) in their study titled “Scale

Development Process: Service Quality in Car Rental Services” provided an example for

developing a measurement scale by using car rental services as a case. A qualitative

research was undertaken in the form of twenty three in-depth interviews which produced

sixty one items that described user perceptions. Then, a quantitative study was

undertaken to purify the scale items, which examined dimensionality, reliability, factor

structure and validity. After a rigorous statistical analysis an eighteen itemed scale with

six factors emerged.

Gianfranco Walsh et al.(2008), reports in their study titled “Assessing the

Consumer Perceived value Scale” – Advances in Consumer Research” that in recent


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years perceived value has attracted significant attention among marketing scholars.

Recently, there were identified four dimensions of consumer perceived value and

developed scales to measure these dimensions and administered to the consumers in

Germany and Australia. The cross-cultural validity of the consumer perceived value was

assessed. After validating the study an abbreviated version with 12 items is proposed in

such a way that has equally good dimensional properties.

Hanna Komulainen, (2004), in his study titled “Exploring Customer Perceived

Value in a Technology Intensive Service Innovation” studied about value creation in an

emerging context of technology intensive professional services. The purpose is to

examine what kind of value advertisers derive from a mobile advertising service that is

still being developed. The five customer perceived value drivers that emerged from the

data are; service quality, service support, service provider’s know-how, interaction and

pioneer status. In addition, different types of mobile advertisers were identified according

to their depth of involvement in the service production. The study concludes with

theoretical implications to value creation in the context of innovative services, and

managerial suggestions both to companies providing mobile advertising service and

advertisers.

Hong Qin et al. (2007), have studied the “Perceived Service Quality in urgent care

industry”. In that they have analysed the Patient perceptions of health care quality are

critical to the success of a healthcare organization because of their influence on patient

satisfaction and hospital profitability. Moreover, perceptions of service quality enable

healthcare providers to identify the activities that require improvement. Urgent care

provides a wide range of medical services for a large base of patients. However,

examination of current health care research indicates that there is a paucity of research on

urgent care providers. With the growing presence of urgent care centers in the health care

marketplace and the increasing demand for such care, it is essential to understand patient

perceptions about urgent care providers and what factors influence patient satisfaction

and retention.

Hong, Jon-Chao and Lo, Yi-Fang (2007), had explored “A study of teachers’

perceived values in professional development activities”. According to them recently,


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teacher professional development is becoming more prevalent in Taiwan, and various

activities were put into practice with many evaluations on the policy linkages.

The purposes of this research are: 1) to analyze the approaches of teacher professional

development, 2) to investigate teachers’ perceptions of professional development values,

3) to explore the effectiveness of teacher professional development approaches.

The study shows the higher perceived value in the experiences sharing segment, teaching

attitude, professional capability, and the role of the teacher.

James F. Petrick, (2004), in his study, “First Timers’ and Repeaters’ Perceived

Value” had identified the purpose of the current study was to test the relationships

between reputation, emotional response, monetary price, behavioral price, quality,

perceived value, and repurchase intentions. Results from a survey of cruise line

passengers revealed distinct differences between the antecedents of first-time visitors’

and repeat visitors’ perceived value. It was also found that quality was the best predictor

of repurchase intentions for first timers, while perceived value was the best predictor for

repeaters.

Jayesh P.Aagia, (2010), in his study titled “Measuring perceived service quality

for public hospitals (PubHosQual) in the Indian context” has developed a scale and

applied it in the hospital sector. The findings are based on the five different dimensions

like admission, medical service, overall service, discharge process, and social

responsibility. The new scale also helps in filling the gap of absence of a validated scale

to measure perceived service quality for public hospitals.

Jeffery W.Overby, (2005), in his study titled “The influence of culture upon

consumers’ desired value perceptions: A research agenda” has conceptually examines

how and where culture influences consumer value. Following a review of the literature on

consumer value and culture, we offer an integrative model that conceptualizes culture as

a metaphorical lens influencing the meaning and relative importance of the content and

structure of a consumer’s means-end value hierarchy.

Jillian C. Sweeney, Geoffrey N. Soutar (2001), in their study “Consumer

perceived value: The development of a multiple item scale” described the development of

a 19-item measure, PERVAL, that can be used to assess customers' perceptions of the


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value of a consumer durable good at a brand level. The measure was developed for use in

a retail purchase situation to determine what consumption values drive purchase attitude

and behavior. Four distinct, value dimensions emerged that were termed emotional,

social, quality/performance and price/value for money. The reliability and validity of the

scale was assessed in a pre-purchase situation, using exploratory and confirmatory

analyses. All four value dimensions were found to help significantly in explaining

attitudes and behavior. The scale was also tested in a post purchase situation and found to

be both reliable and valid in this context as well.

Jin-Woo Kim (2008), has studied about the “Linking marketing activities to

shareholder value”. In their study they have examined the stream of marketing-finance

interface and has provided justification for marketing’s importance in the business world.

The authors strive to address several philosophical and methodological issues in the

marketing-finance interface research stream. The marketing-finance interface research

appears to adopt a relativistic approach, seeking to apply rigorous empirical methods and

large-scale archival data for higher external validity. Recommendations for solidification

of philosophical and methodological foundations are provided.

John E. Hall (2000) had studied “Gender Differences in a Modified Perceived Value

Construct for Intangible Products”. In their study they have analysed Perceived value has been

extensively studied in a number of markets and a number of product categories. In business its

critical importance as part of the consumer offer makes it a factor to which marketing

management must devote considerable attention. Its applicability has been extensively studied

for many high value tangible consumer goods and its role also investigated for a range of

consumer services. In contrast, little consideration has been given to those products in which

consumer evaluation must be made before product trial or usage; that is, those low involvement

purchases associated with products with a high degree of intangibility.

Jonathan Donner (2010), in their study titled “A review of evidence on mobile

use by micro and small enterprises in developing countries” offers a systematic review of

14 studies of the use of mobile telephony by micro and small enterprises in the

developing world, detailing findings about changes to enterprises’ internal processes and

external relationships, and findings about mobile use vs. traditional landline use. Results


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suggest that there is currently more evidence for the benefits of mobile use accruing

mostly (but not exclusively) to existing micro and small enterprises rather than new

micro and small enterprises, in ways that amplify existing material and informational

flows rather than transform them. The review presents a more complete picture of mobile

use by MSEs than was previously available, and indentifies priorities for future research,

including comparisons of the impact of mobile use across subsectors of MSEs and

assessments of use of advanced services such as mobile banking and mobile commerce.

According to Jose Bloemer (1999), “Linking perceived quality and service

loyalty: a multidimensional perspective” has been argued that the relationship between

perceived service quality and service loyalty is an issue which requires conceptual and

empirical elaboration through replication and extension of current knowledge. The results

of an empirical study of a large sample of customers from four different service industries

suggest that four dimensions of service loyalty can be identified: purchase intentions,

word-of-mouth communication; price sensitivity; and complaining behaviour. Further

analysis yields an intricate pattern of service quality-service loyalty relationships at the

level of the individual dimensions with notable differences across industries.

Joseph Cronin et al. (2000), in their study titled “Assessing the Effects of Quality,

Value, and Customer Satisfaction on Consumer Behavioral Intentions in Service

Environments” described and builds on the efforts to conceptualize the effects of quality,

satisfaction, and value on consumers’ behavioral intentions. A number of notable results

are reported including the empirical verification that service quality, service value, and

satisfaction may all be directly related to behavioral intentions when all of these variables

are considered collectively. The results further suggest that the indirect effects of the

service quality and value constructs enhanced their impact on behavioral intentions.

Juan Carlos Fandos Roig, (2006) in his study titled “Customer perceived value in

banking services” had found that perceived value is a multidimensional construct composed

of six dimensions: functional value of the establishment, functional value of the personnel;

functional value of the service; functional value price; emotional value; and social value.

A scale of overall perceived value in financial services was obtained, composed of six

dimensions and represented by 22 items that are significant for their measurement.


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The study “Brand equity in hospital Marketing” conducted by Kyung Hoon Kim

(2008) presents Health care marketers face unique challenges around the world, due in

part to the role the health care field plays in contributing to public welfare. Hospital

marketing in Korea is particularly challenging since Korean law prohibits hospitals from

running any advertising. As a result, Korean hospitals depend heavily on customer

relationship management. This study identifies five factors that influence the creation of

brand equity through successful customer relationships: trust, customer satisfaction,

relationship commitment, brand loyalty, and brand awareness. An empirical test of the

relationships among these factors suggests that hospitals can be successful in creating

image and positive brand equity if they can manage their customer relationships well.

Mahesh Jagannath Fuldeore (2005), in his study named “Evaluating the impact of

cost, perceived benefit and perceived value on drug purchasing behaviour” has evaluated

the relationship among cost, perceived benefit, perceived value and major predictors of

quality of medication purchased. Structural equation modeling was used for the study.

A cross sectional survey descriptive study with direct mail survey was used for the study.

A sample size of over 200 was obtained. From the study it was found that multiple

factors influence individual’s decisions. To devise the effective compliance strategies it is

important to analyse the set of factors that might affect individuals and also to determine

the weight of each factor in the decision making process. From the study it was identified

there is a set of critical values along with certain expected compliances. Based on this the

likelihood of the patient discontinuation of medication is high.

Maria Leahagen (2008), had shown an interesting insight in the areas of tourism

websites. The study was titled as “Customer Perceived value of travel and tourism

websites”. The Internet has also seen an increasing importance and social medium of

user-generated content and utilization. In this study the concept of customer value, based

on the typology of consumer value and the value hierarchy model, is used to identify

dimensions and expressions of what customer-perceived value is in travel and tourism

websites and how it is created. Moderately structured in-depth interviews are used to

collect data. In the analysis connections between different types of value are presented

and the lack of certain types of value is discussed.


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Mark A. Myerscough, (2008), in their study “Concerns about Servqual’s

underlying dimensions” expressed the underlying constructs included in the ServQual

instrument. The results of this study strongly suggest that an individual’s expectations for

service quality are expressed in a different set of factors than those contained in the same

individual’s perceptions of service performance. This fundamental difference between the

expectations for service quality and the perceptions of service performance indicates that

the calculation of the gap score-based ServQual index is inappropriate. Accordingly, this

study recommends against the use of the ServQual gap score as the basis of information

systems quality assessment.

Martina G. Gallarza and Irene Gil Saura, (2006), in their study “Value

dimensions, Perceived value, satisfaction and loyalty: an investigation of university

students’ travel behaviour, identified the dimensionality of consumer value in a travel-

related context (students’ travel behaviour), adopting Holbrook’s typology, and

combining it with negative inputs of value and to explore the relations between consumer

perceptual constructs such as perceived value, satisfaction and loyalty. This dual

objective is undertaken by providing an LISREL (Linear Structural Relations) model.

The results confirm the existence of a quality–value–satisfaction–loyalty chain and

illustrate the complexity of value dimensions that have been shown to be highly sensitive

to the tourism experience.

Mei Xue, (2003), in their study identified the delivery of useful services through

information technology based service delivery channels such as the Internet. In the

current paper we present a customer orientation strategy for e-service design, and propose

a corresponding two-stage decision model based upon the customer orientation strategy

to evaluate the efficiency and effectiveness of e-service design when the focus of the

design is to meet customers’ needs as both co-producers and patrons. The decision model

is then applied in an empirical study of the design of e-services of Internet food retailers.

Micuda Ion Dan and Dincules cu Elena Silvia (2009) have examined studied

about the “Service quality attributes in Retail Banking services”. In the study the service

quality is analysed along with perceived value and satisfaction to determine customer’s

loyalty. This study will investigate service quality attributes along with a measure of


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perceived value and satisfaction to determine the direct and indirect effect on bank

customer’s loyalty. The study will seek to identify the most important attributes/cues in

bank settings, which may be used to review characteristics of the banks as experienced by

customers.

Miguel A. Moliner et al, (2007), made a study on “Perceived relationship quality and

post-purchase perceived value: An integrative framework”. The results show that the

consumer’s satisfaction is the main basis for perceived relationship quality. The paper

likewise verifies the importance of transaction-level evaluations for perceived relationship

quality. The automatic affective reactions generated in the consumer in the first moments,

and the social impact of the purchase, are aspects that determine perceived relationship

quality. The paper also looks at the importance of considering commitment as an attitude.

Minna Pura, (2005), in the study titled “Linking perceived value and loyalty in

location-based mobile services” has analysed the effect of various perceived value

dimensions and found out the behavioral intentions were most influenced by conditional

value; the context, in which the service is used, followed closely by commitment and to

some extent monetary value. Commitment can be enhanced through building emotional

value and conditional value by focusing on offering fun service experiences in the right

context. The influence of social and epistemic value was not significant.

Minsoo Jung Koon Hyunghee, (2009), have done a study titled “Perceived service

quality among outpatients visiting hospitals and clinics and their willingness to re-utilise

the same medical institutions. This study was to determine how the perception and the

satisfaction of outpatients who utilized clinics and hospitals are structurally related with.

From the study it is found that the determining factors for general satisfaction with

medical services are as follows: medical staff, reasonability of payment, comfort and

accessibility. Such results may involve increased competition in the medical market and

increased demands for quality medical services, which drive the patients to visit hospitals

on their own on the basis of changed determining factors for satisfaction.

Mirinal Ghosh, (2000), had discussed in their study called “Governance Value

Analysis and Marketing strategy”. They have done a theoretical analysis about this fact

with transaction cost analysis into a governance value analysis (GVA) framework to


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address marketing strategy decisions, especially with regard to strategies grounded in

cooperative relationships. The GVA is a four-part model. Heterogeneous resources,

positioning, the consequent attributes of exchange, and governance form all interact to

determine success in creating and claiming value. The trade-offs among these factors are

the core insight offered by the model. The authors illustrate these trades-offs and specify

empirically refutable implications. Finally, they sketch directions for future work and a

blueprint for managerial decision making.

M. Sherif et al, (2008), have studied different type of perceived value in IT

enabled organizations. In this study “An Empirical study identifying high perceived

value KPIs of incident management process in organization” they have studied how

quality based process can be improved in IT organizations. In this paper, all KPIs applied

to this process were at first gathered with some industrial experiences and then analyzed

to produce some findings relating to the most common KPIs and practices used.

Mohammed Upal, (2008), in his study titled “Telecommunication Service

Gap:Call Center Service Quality Perception and Satisfaction” reports telecom subscriber-

centered and identifies the service quality factors that are important to them; it also

examines their links to quality of satisfaction in the context of Bangladesh. A field survey

was conducted by using the widely applied SERVQUAL model. Using gap analysis

(expectation and perception) and one sample t-test, significant outputs were found

between the four dimensions and subscribers satisfaction.

Mohd. Pavel Hossain, (2006), while examining the “A Relational Study on Perceived

value, Brand Preference, Customer satisfaction and repurchase intention in context of

Akij textiles mills Ltd., in Bangladesh” have identified perceived value in the tangible

product. Along with he has identified brand preference and customer satisfaction. From

the study it was found that brand preference and customer satisfaction are very important

factors to maintain repurchase intentions. It is necessary for Akij textile mills to maintain

perceived value, satisfy customers through good quality yarn and brand preference

through promotion.

Nasreen Khan of Multimedia University (2010), analyses the perceived value

dimensions as functional and relational value. The study was titled as “Functional and


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Relational Value influence on commitment and future intention: the case of banking

industry”. Consumers do differ in the evaluation of value between products and services.

The analysis indicated six dimensions of perceived value as functional service quality,

functional service price, functional service value, relational confidence and relational

communication. Step wise regressions analysis further observed that functional service

value, functional service quality, relational confidence and relational communications are

the better predictors to the future intention. Among these dimensions, relational

confidence is fully mediated by the commitment, and leads to future intention.

Ofir Turel (2006), has examined “User acceptance of wireless short messaging

services: Deconstructing perceived value” Wireless value-added pay-per-use services, such

as short messaging services (SMS), have attracted increased attention in recent years.

Nevertheless, the extant literature has provided little insight into technology adoption of

wireless pay-per-use services. It was hypothesized that perceived value would be a key

multidimensional determinant of behavioral intentions. The paper therefore discusses a

broadened conceptualization of technology adoption in which value tradeoffs (i.e., price,

social, emotional and quality) are the critical drivers in the adoption decision.

Paige fields, (2008), has studied consumer opaqueness on the extent which

borrower loan announcement returns varied. We extend the literature regarding the

importance of the market’s perception of bank loans by examining the association

between loan announcement wealth effects and the informational opaqueness and

corporate governance characteristics of borrowers. It was found that these relations exist

only for the earlier years.

Paolo Guenzi (2006), in his study titled “Developing marketing capabilities for

customer value creation through Marketing–Sales integration” reports an exploratory

effort to use the means–end theory in explaining Marketing–Sales integration. Findings

show that Marketing–Sales integration is a multi-faceted construct made up of different

components that impact different marketing capabilities and highlight its antecedents and

consequences.

Patrice Braun (2005), in his study on “Creating value to tourism products through

tourism networks and clusters” discusses the role of tourism networks, clustering and


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destination value chains for micro and small and medium size tourism enterprises (SMEs)

in freely assembled destinations. In discussing destination benefits and barriers

surrounding SME clustering, SME positioning and performance are highlighted. It is

proposed in this paper that SME clustering and value are not always naturally established.

Successful destination clusters may be created by upgrading SME performance,

analysing local value chains and matching both tangible and intangible sources of value,

such as systems, leadership, relationships and brands with demand-side value

segmentation.

Paul Andon, (2006), had presented three case studies from Australasian service

organisations explore the economic value of customers to an organisation (EVCO).

The article titled as “Calculating the Economic Value of Customers to an Organisation”

which talks about Customer lifetime valuation, a form of discounted cashflow analysis,

was used in two of these organisations. Customer profitability analysis, a form of

activity-based costing, was used in the third. Insights arising from the measurement of

EVCO changed the management of customer relationships – new pricing strategies were

introduced and loyalty and product crossholdings were rewarded. It is interesting that

there was little or no involvement by the accounting function in the calculation of EVCO.

Paul Williams (2005), has proved again the multidimensional constructive scale

in their study named “Customer Satisfaction Tourism Satisfaction: A multidimensional

Perspective”. They used a multidimensional framework to measure customer value in a

tourism context including not only a functional dimension of value, but also the

additional dimensions of social value, emotional value and epistemic (or novelty) value.

The study found that customer value is indeed a multi-dimensional construct, and has a

strong, positive influence on customer satisfaction in a tourism setting. Additionally, the

performance-only measures of value were found to explain the variance in customer

satisfaction better than the measures of value calculated with an expectancy-

disconfirmation approach.

Peter Kueng, (2002), in their study titled “Measuring Customer Satisfaction using

IT: A Case Study” identified that customer satisfaction is an essential element in almost

every organisation and should therefore be evaluated on a regular basis. This paper


67

describes the use of the Intranet to assess customer satisfaction. One aim is to discuss

various evaluation approaches and the relative importance of IT systems. A second aim is

to report – on the basis of a case study – on the strengths and limitations of an IT-based

survey where data collection and reporting were administered via Intranet. The conclusion

reached is that an Intranet-based survey offers significant benefits if certain conditions

(e.g. large sample size, IT penetration) are met. In general, the use of modern technology

was rated as positive and innovative by the users.

Prasad Kantameni (1996), has done a study to prove that the perceived value is

multidimensional in their study named, “Measuring perceived value: Findings from

preliminary Research”. Using a student focus group to identify “value indicators,” a scale

is developed and administered to students. Results from 383 responses show the concept

of perceived value to be multidimensional.

Ralitza Bell, (2009), in his study entitled “An Exploratory Research on Perceived Value

in Professional Business Services” presents an exploratory research on perceived value of

advertising services, which are classified as professional business services. Value is most often

associated with benefits obtained and sacrifice made to obtain them. However some of the

literature on advertising agency services and professional business services seems to ignore the

influence of cost factors on value. This leads to ambiguity as to how value of advertising services

should be conceptualised which hampers further advancement of knowledge in this important

business area. The findings indicate that cost factors are important and should be considered in

the context of perceived value of advertising services. Additional factors influencing the latter

were also identified.

Rama K. Jayanti, (1996), in her study titled “The Influence of Price-Based

Measures on Perceived Service Value” has done an investigation of perceived service

value was conducted with specific reference to hospitality services. It was argued that

price based measures of acquisition and transaction utilities may provide reasonable

representation of perceived service value. The process of acquisition and transaction

utilities was elaborated upon and it was argued that within a service exchange context,

acquisition utility may outperform transaction utility in explaining variance in the

perceived value model. The results provided support for the argument.


68

Richard P.Bagozzi (2006), in his study titled “Explaining Consumer behaviour

and Consumer Action: from fragmentation to unity” presents an empirical test of the

antecedents and consequences of customer extra-role behavior (i.e., customer citizenship

behavior and badness behavior). Results from the empirical test indicated that managing

customer extra-role behavior is as important as that of employee. Secondly, the study

found that the organization have to manage the negative affect of customers to prevent

customer badness behavior, and perceived justice and commitment to increase customer

citizenship behavior. Implications are discussed, possible areas of further research are

indicated, and limitations of the study are noted.

Robyn Ouschan (2009), had explained one more perspective in the perceived

value in their “The impact of gym users perceived value of fitness centers on their quality

of life perceptions”. In this study they have investigates how the value of fitness centers’

relates to gym users quality of life perceptions. The factor analysis results reveal gym

users differ between emotional, monetary, functional quality and social dimensions.

A subsequent multiple regression analysis suggests three of those four value dimensions

(emotional, monetary and functional quality) have a significant positive impact on gym

users’ quality of life perceptions. Thus, to encourage gym attendance the enjoyment,

affordability and quality of the service should be stressed rather than social elements.

Roger Bounds (2006), in his study titled “Factors affecting perceived stress in

pre-hospital emergency medical services” has investigated the factors related to the perception

of stress in Emergency Medical Service’s paramedics. In that six of the eight SPTI (State Trait

Theory Personality Inventory) measures served as a tool for perceived stress. They were state

and trait anxiety, state and trait anger, and state and trait depression. Higher perceived stress

was reported by both the attendant basic-intermediates and the in-charge paramedics as

compared to attendant paramedics who reported the lowest stress. The impact of education,

self-efficacy, and job function may be related to the amount of skills available, the perception

of confidence in those skills, and the amount of personal responsibility for patient care.

According to Rosidah Musa (2005), in their study “The Roles of Perceived Value,

Perceived Equity and Relational Commitment in a Disconfirmation Paradigm Framework:

A conceptual model was developed and tested, which integrates perceived value,


69

perceived equity and relational commitment into the disconfirmation framework.

The findings suggest performance is the key driver of customer satisfaction at the

subsystem level, while perceived value plays the leading role in influencing customers’

overall satisfaction. Further, two new paths perceived value to relational commitment and

perceived value to perceived equity neglected in prior research were established.

Shelton Smith, (1995) had made a note on self-efficacy with regard to the health

behaviour in their study titled “The development and validation of the Perceived Health

Competence Scale”. The eight items of the PHCS combine both outcome and behavioral

expectancies. Results from the five studies indicate that the scale has good internal

consistency and test–retest reliability. The construct validity of the scale is demonstrated

through the support obtained for substantive hypotheses regarding the correlates of

perceived health competence, such as health behavior intentions, general sense of

competence and health locus of control.

Sohali (2003) in his “Service Quality in Hospitals: More favourable than you

think” discusses the measures of quality service provided by private hospitals in

Malaysia. National Health Systems (NHS) experiences low trust and lack of public

confidence while receiving strong pressure from governments and societies to improve

their quality and compete effectively. Empirical research using the SERVQUAL

instrument was conducted in six NHS hospitals located in North Greece. The research

results revealed a three-dimension SERVQUAL construct, which proved to be a valid,

reliable and flexible tool for measuring quality in Greek hospitals. The human factor was

revealed as being the most critical dimension of quality, reflecting the significance of the

traditional view of the doctor-patient relationship. Quality gaps are illuminated,

suggesting that there is room for improvement initiatives.

Srivatsa, H.S, and Srinivasan, R, (2008), have done a pioneering work in the

banking industry. The study titled as “Gender based banking psychographics: an Indian

empirical study” analyses the economic boom followed by a huge growth in banking and

financial services sector has led to immense competition. It has been found that the men

and women customers exhibit different behaviour in their preference of banks, banking

channels and product usage. Women prioritize channel convenience and savings where as


70

men prefer safety and convenience in bank selection. Internet banking is very much

welcomed by women whereas men are branch loyalists. Thus offerings have to be

differentiated to men and women separately.

Stacy Renee Tomas, (2007), in her study titled “The Effects of selected visual

cues on tourists’ perceptions of quality and satisfaction, and on their behavioral

intentions” had discussed three specific objectives. The first was to determine if changes

in the visual environment affect respondents’ attitudes, perceptions of quality and

satisfaction. The second objective set out to determine which visual quality elements

have the strongest influence on respondents’ attitudes, their perceptions of quality and

satisfaction. The final objective was to explore the interrelationship between attitudes,

quality, satisfaction and behavioral intentions. Utilizing structural equation modeling, this

study examined the interrelationship between the endogenous variables in the model.

The influence of hedonic attitude on overall quality and satisfaction was confirmed, but

the influence of utilitarian attitude on overall quality and satisfaction was not.

The research conducted by Tommi Laukkanen (2004), had discussed about the

perceived convenience. The study titled as “Convenience as consumer value in Electronic

Banking”. This paper reviews the role of competition in banking against the background

of a transforming sector. It uses industrial organization and modern financial

intermediation analysis to study the relationships between the level of competition,

risk-taking incentives, and the regulatory frame and internal nature of convenience in the

electronic banking context. The results indicate that the temporal elements of

convenience are partially overlapping with efficiency. Furthermore, convenience seems

to refer rather to affective experience that to cognitive appraisal.

Personal Value are the important concepts in perceived value. How this value is

determines consumer resistance with respect to mobile banking is analysed by Tommi

Laukkanenn, (2007), in the study titled “How personal values determine consumer resistance

to mobile banking”. The purpose of the study is to examine the role of personal values in

consumer resistance to mobile banking innovation. The results suggest that those customers

having low resistance to mobile banking are more self-fulfilling and self-respecting than

others, while those having high resistance seem to have higher needs than others for security.


71

William B. Dodds, and Kent B. Monroe, (1985), in their study titled “The effect of

brand and price information on subjective product evaluations” reports an experiment on the

effect of price and information on perceptions of quality and value, and on willingness to buy.

The research also investigated whether perceptions differed when prices were odd or even. The

results indicate that price positively influences the perception of quality, and inversely

influences the perception of value and willingness to buy. Brand information enhanced the

price effect, but there were no differences due to odd vs. even prices.

William J. Kettinger, Choong C. Lee, (1994), have examined the “Perceived

Service Quality and User Satisfaction with the Information Services Function” has

detailed about the MIS measures of user satisfaction. The study adapts the SERVQUAL

measure from marketing to provide more specific information about user satisfaction

with the information service function. It was found that, while the three original

dimensions of the traditional user information satisfaction measure remain strong

predictors of overall user satisfaction, two aspects of information services related service

quality, “reliability” and “empathy,” are also significant predictors. The results suggest

that the original dimensions of user information service may not be comprehensive

enough to capture the more detailed dimensions of information service function’s service

quality in SERVQUAL, and that the reliability and empathy dimensions of service

quality may be needed to supplement the traditional user information satisfaction to

measure in determining user satisfaction with the information services function.

William Jen, (2005), in his study titled “Effects of service quality, customer

satisfaction ad switching barriers on passenger behavioural intentions in scheduled coach

service” attempts to attempts to consider all the above-mentioned constructs and further

explain passenger behavioral intentions. Linear Structural Relations (LISREL) was employed

to test the proposed model and hypotheses. According to the analytical results, although the

effect of interpersonal relationships of switching barriers on passenger behavioral intentions

was not statistically significant, the other hypotheses were verified. This study also provided

suggestions for improving the management of scheduled coach service carriers.

Wolfgang Ulaga and Samir Chacour, (2001), in their study titled “Measuring

Customer-Perceived Value in Business Markets: A Prerequisite for Marketing Strategy


72

Development and Implementation” identified the construct of customer-perceived value

through a literature review. Then a multiple-item measure of customer value is

developed, and our approach is illustrated by the marketing strategy development project

of a major chemical manufacturer in international markets. The article finally discusses

how the customer value audit can be linked to marketing strategy development and

provides guidelines for managerial actions.

Xavier Vives (2001) reviews the role of competition in banking against the

background of a transforming sector in the article called “Competition in the changing

world of Banking”. In this he reviews the role of competition in banking against

background of a transforming sector. It uses industrial organization and modern financial

intermediation analysis to study the relationships between the level of competition, risk

taking incentives and the regulatory firm. The consequences for market structure of the

liberalization process and the need for competition policy in the sector are highlighted.

Zhan Chen, Alan J. Dubinsky, (2003), in their study titled “Conceptual model of

perceived customer value in e-commerce: A preliminary investigation” presents an exploratory

study of a conceptual model of perceived customer value in a business-to-consumer e-commerce

setting. Key precursors of perceived customer value included in the model are valence of on-line

shopping experience, perceived product quality, perceived risk, and product price. Relationships

among these variables (as well as mediating variables) and their relationship to on-line shoppers’

value perceptions are explored. The theoretical framework proposed in this work expands on

previous efforts on perceived customer value by including new variables relevant to an e-

commerce setting and by integrating several key variables into one model.

Zhao, (2006), in his study “Consumer Perceived Value of Salon Hair Coloring:

A Cross-cultural Comparison of Gen Y Cohorts in China and the United States. (2006)”

had discussed how Generation Y (Gen Y) consumers perceive the value of salon hair

coloring in China versus in the United States. The study results imply that retailers

targeting China and the United States may need to use different marketing strategies to

ensure that the perceived value dimensions most salient to their specific consumers can

be emphasized. Although the findings of this research are market specific, they have

important implications for general consumer perceived value research.


73

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