Abstract
The aim of this paper is to contribute to the strategic management literature by identifying a relationship between customer value seen from the customer perspective and customer value seen from the firm perspective, and how this relationship might affect the value created for the customer. We propose that such a relationship exists, and attempt to create an integrated view of customer value. We have not found any papers that focus on the relationship between these two perspectives of customer value, and our aim is to bridge this gap in the literature. Thus, the authors test, in a quantitative study utilizing structural equation models (SEM), how a firm should create value in order to be perceived by the customers, and how this value could be appropriated in the international banking industry. The results show to the managers that value creation impacts on perceived value but not on value appropriation.
Highlights
It has long been recognized that the essential elements of a firm’s business strategy are understanding the value that customers perceive in an offer, creating value for them and managing it over time (Chatain, Zemsky 2011; Edvardsson, Oskarsson 2011)
The aim of this paper is to contribute to the strategic management literature by identifying a relationship between customer value seen from the customer perspective and customer value seen from the firm perspective, and how this relationship might affect the value created for the customer
The aim of this study is to identify the nature of the relationship between customer value from both the customer perspective and the firm perspective, to allow improvements in the value created for the customers
Summary
It has long been recognized that the essential elements of a firm’s business strategy are understanding the value that customers perceive in an offer, creating value for them and managing it over time (Chatain, Zemsky 2011; Edvardsson, Oskarsson 2011). Firms have been operating in a new and complex competitive environment in which more and more customers are demanding the creation of value (Eichentopf et al 2011; Sánchez, Iniesta 2006) and firms are increasingly regarding customer value as a key factor in their search for new ways to obtain and maintain a competitive advantage. This has generated a growing interest in creating and delivering superior value to the customer (Mustak et al 2013; Smith, Colgate 2007; Wang et al 2004). Martelo-Landroguez et al The cycle of customer value: a model integrating customer and firm perspectives
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