Author:Suryadi, Nanang


Value has important role in the marketing discipline. There are several reasons why value is important in marketing research. Referring to Gallarza et al. (2011), "value plays a role in epistemology marketing as a discipline; value associated with many construct in the marketing discipline; value construct can explain consumer behaviour before and after purchase, even values are also the basis to be able to understand the marketing management". The same opinion was suggested by Wilson (2003) when commenting on articles Ballantyne et al. (2003). Wilson (2003) said, "They are correct as value is at the heart of exchange relationshipl" Nevertheless, Wilson (2003) also criticized, saying. "We discuss a value chain, a value proposition, value for price, managed value, interactive value and emergent value, but never define what value is." "Customer value"" can become a source of competitive advantage (Woodruff, 1997) and plays certain role in the creation of customer satisfaction and loyalty. Many researchers (Abdel, 2008; Tseng et al., 2007; Guenzi & Troilo, 2007; O'Cass & Ngo, 2012; Slater & Narver, 1994; Troilo et al., 2009; Vera & Trujillo, 2013) agreed that companies compete in offering superior customer value. Consumer will choose the value proposition offered by the company and competitors. In the competition, the company must be careful in selecting the Customer Value Proposition (Breur, 2006) the organization's financial success depends on how to manage value-a customer's perception of what they receive and the cost of providing value to the consumer (Sexton, 2014).

Considering the significance of "value" in the marketing discipline, this paper studied on the concept of "Consumer Value", "Customer Value" or "Perceived Value" derived from journals indexed in Scopus since 2009 to 2018. The method used in this study is literature review. Here, relevant articles published within 2009-2018 in database were searched using the keyword "Customer Value," "Consumer Value" or "Perceived Value". In addition to that, the paper also traced the source used as references by these articles, using the author's name and year as the basis of the search.

Three decades ago, Zeithaml (1988) defined "perceived value " is the consumer's overall assessment of the utility of a product based on perceptions of what is received and what is given. "The definition of perceived value" from Zeithaml (1988) is very popular and became a reference of many researchers. To obtain this definition, Zeithaml (1988) conducted an in-depth interviews study to consumers, so as to get a picture of how the consumer's see (the) value at au so as to get a picture of what is value in the consumer's opinions. Cronin et al. (1997) say that the definition suggested by Zeithaml (1988) is very complete.

About two decades ago, Hallowed (1996) defined value as "equal to quality compared with the price." Hallowel's (1996) definition can be seen as a statement that value is close to the quality, but it is not all about quality, because of the quality is to be compared with the price. The debate about the value, quality and satisfaction may underlie the definition given by Hallowel (1996). This definition confirms that value and quality are different terms and also has a different meaning. An almost the same definition is suggested by Heskett (2009) who defined perceived value as the ratio of the process of quality and the result are delivered to customers compared to price and other costs to obtain the services.

Value as consumer perceptions can be found in a variety of opinions or definitions of researchers. Woodruff (1997) argues that the value is a perception that become the reference and evaluation in seeing the attributes of products, product performance and results arising from the use which facilitates (or reject) the achievement of the goal of customer in the use of the situation. Sirdeshmukh et al. (2002) clearly stated: "customer value as the consumer's perception of the cost gap between benefits gained and what he has to give in order to maintain relationships with service suppliers." The definition also sees value as consumer perceptions of the costs and benefit.

Flint et al. (1997) stated that customer's assessment of the value created and given by the supplier is in the balance between benefits and sacrifices that are relevant in certain use circumstances. This opinion indicates that the consumer make an assessment. This opinion is the same as the one in Zeithaml's definition (1988). In addition, there is an important component indicated by Flint et al. (1997); that is the benefit and sacrifice. In the discussion about the value, benefits and sacrifice draw attention of many researchers. While Zeithaml (1988) expressed in terms of utility, Flint et al. (1997) states with term of benefit. Slater and Narver (2000) look on how value is created, i.e. when the benefits of a product gained by consumer are greater than the long-term costs he/she might be paid for a product. In this case, it is almost the same with the definition of other researchers, that value is associated with benefit and cost, as Hansen et al. (2008) stated, "perceived value is the customer benefits received divided sacrificed to obtain these benefits."

Using the term of customer value, Butz and Goodstein (1996) stated that the emotional bond between customer and producer developed after a customer used a prominent product or service provided by the producer and found that the products have added value. Thus, value is customer experience in using product, according to Holbrook (1999) who defined "consumer value as an interactive relativistic preference experience." A similar opinion from Vranesevic et al. (2004), who said that "the perceived value is a subjective experience and not a fact of general knowledge." So, no wonder Vargo & Lusch (2008) said that "value is always intangible, heterogeneously experienced, co-created and potentially perishable."

In the long definition, Woodall (2003) stated, "Value for the Customer (VC) is any demand-side, personal perception of advantage arising out of a customer's association with an organisation's offering and can occur as reduction in sacrifice; presence of benefit (perceived as either attributes or outcomes); the resultant of any weighed combination of sacrifice and benefit (determined and expressed either rationally or intuitively); or an aggregation, overtime, of any or all of these." From those researches various definitions and opinions, it is possible to note some similarities in general, that value is the consumer's perceptions of what they...

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