Risk and perceived value: antecedents of customer satisfaction and loyalty in a sustainable business model

Mircea Andrei Scridon,Sorin Adrian Achim,Mirela Oana Pintea,Marius Dan Gavriletea

doi:10.1080/1331677x.2019.1584043

Mircea Andrei Scridon, Sorin Adrian Achim + Show 2 more

Open Access

https://doi.org/10.1080/1331677x.2019.1584043

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Abstract

In the contemporary economic environment, each company that succeeds in creating and offering value to its clients/consumers will be able to survive in the market and even record profit for the medium and long time – thus value represents a driving force for a sustainable business model. Considering the significant role of perceived value within strategic management, the main purpose of this research is to identify and test an adequate conceptual frame in order to study the value concept and its connections with satisfaction, loyalty and perceived risk in order to offer a proper management tool for monitoring the sustainability of an existing business. So, this study proposed and tested concepts in the context of the S.M.E. market in Romania. Results show that both risk and value play a significant role in influencing satisfaction and customer loyalty, thus, in the end, company bottom line.

Highlights

In the last decade of the past century, the concept of perceived value became a key element used by the most developed countries’ economies to define the business model
Based on the assumption that a dependence relation exists between elements of the proposed model and within the model there are multiple relations between dependent and independent variables, we will use as a statistic technique one of Structural Equations Model (Hair et al, 2010)
For hypotheses H2a, H3a and H3b, following the same arguments as the ones used for hypotheses H1a and H1b, we reached the same conclusions presented in the previous paragraphs

Summary

Introduction

In the last decade of the past century, the concept of perceived value became a key element used by the most developed countries’ economies to define the business model. The concept is still relevant, and is included in the marketing definition proposed by the American Marketing Association: ‘Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’. Enterprises will be targeted as potential customers. Selling products or services to enterprises requires a different approach than selling to customers as individuals. Based on the fact that decision-makers involved in purchasing decisions

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