Defining and Measuring Customer Value: Some Reflections and New Perspectives

Abstract

This article offers a personal perspective on the study of value. Based on a review of the academic contributions of the last 40 years, we aim to highlight the relevance of a concept that has been considered embryonic and crucial in marketing and business management. For this purpose, two main facets will be analyzed: the determining role of value creation in business activity and, at the same time, the complexity of its study, which requires continuous conceptual refinement and further development in assessment tools. Signs of progress (in the theory building) have been made, but some (measurement) challenges remain, while new encouraging avenues emerge, both for scholars and practitioners.