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Customer value from a customer perspective: a comprehensive review

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Abstract

The value concept is one of marketing theory’s basic elements. Identifying and creating customer value (CV) – understood as value for customers – is regarded as an essential prerequisite for future company success. Nevertheless, not until quite recently has CV received much research attention. Ideas on how to conceptualize and link the concept to other constructs vary widely. The literature contains a multitude of different definitions, models, and measurement approaches. 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 CV construct and other central marketing constructs, and the linkage between CV and the company interpretation of the value of the customer, like customer lifetime value (CLV). The article concludes by pointing out some of the challenges this field of research will face in the future.

Zusammenfassung

Die Identifizierung und Schaffung von Wert für den Kunden – Customer Value (CV) – wird als zentrale Voraussetzung für zukünftige Erfolge von Unternehmen betrachtet. Obwohl das Wertekonzept als eines der Basiselemente in der Marketingtheorie gilt, wurde das CV-Konstrukt erst in den letzten Jahren zu einem viel erforschten Untersuchungsobjekt. Es entstand eine Vielzahl von Definitionen, Modellen und Erhebungsansätzen, die teils stark divergieren. Dieser Beitrag liefert einen Überblick der verschiedenen Ansätze und Trends in diesem Forschungsfeld. Dieser umfasst die Analyse der Entwicklung des „Perceived“ und „Desired“ CV, die Beziehungen zwischen dem CV and anderen zentralen Marketingkonstrukten, sowie den Zusammenhang zwischen CV und Wert des Kunden für Unternehmen, z. B. in Form des Customer Lifetime Value. Abschliessend wird ein Ausblick auf die zukünftigen Herausforderungen der CV-Forschung gegeben.

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  1. Research Associate, Institute of Insurance Economics, University of St. Gallen, Kirchlistrasse 2, 9010, St. Gallen, Switzerland

    Albert Graf

  2. Member of the Executive Board, Institute of Insurance Economics, University of St. Gallen, Kirchlistrasse 2, 9010, St. Gallen, Switzerland

    Peter Maas

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Graf, A., Maas, P. Customer value from a customer perspective: a comprehensive review . Journal für Betriebswirtschaft 58, 1–20 (2008). https://doi.org/10.1007/s11301-008-0032-8

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