Customer Value Research Articles

Value‐centric analysis of user adoption for sustainable urban micro‐mobility transportation through shared e‐scooter services

AbstractMicro‐mobility services, which are considered a sustainable alternative to traditional transportation modes, have gained substantial popularity due to advancements in mobile technology. As one of those modes of transportation, shared e‐scooter services have encouraged several startups in urban areas, allowing them to reach massive numbers of consumers in a highly competitive environment. This study aims to explore gains and barriers that affect the intention of consumers to use shared e‐scooter services, all within the framework of sustainability‐driven considerations. The Latent Dirichlet Allocation (LDA) Algorithm was used to analyse 24.798 reviews from the Google Play Store, uncovering eight topics. Those topics were used to discover customer value perceptions in the shared e‐scooter context and compare them with the related literature on perceived value. Besides, their impact on user ratings on the mobile application platform was measured using machine learning algorithms. The study's findings are expected to contribute to developing regulations for shared e‐scooter services, which have gained popularity as an eco‐friendly mode of transportation sustainability in urban areas by introducing a novel perspective.

Customer Satisfaction towards Online Shopping with reference to Ujjain City

A fundamental understanding of factors causing customer satisfaction in online shopping has gained greater prominence with companies replacing their traditional retail outlets with the online interface. Online retailing helps retailers to serve their customers quickly and more efficiently by delivering superior customer value. It is in this regard a fundamental understanding of factors causing customer satisfaction in online shopping has attained greater prominence. The paper aims to apply the modified SERVQUAL model in the context of online shopping to describe how customers perceive online shopping quality. This empirical study mainly focuses on examining the major factors influencing online customer satisfaction. A survey research questionnaire of 24 items has been applied and the data of 200 respondents were collected from customers using online shopping service in Ujain city. A convenient sampling technique was used for selecting the respondents. Statistical tools such as factor analysis cross tabulation and frequency tables were applied to interpret the data. To achieve the objective reliability test was conducted. The reliability analysis shows that all dimensions are reliable. First, the study identified Ease of use, service reliability, responsiveness, assurance, and security are the major determinants of customer satisfaction with reference to online Shopping. The study primarily focuses on exploring the factors that influence online customer’s satisfaction. The study not also helps in assessing the significance of these factors in the context of online shopping but also provides an insight for retailers on the factors affecting customer satisfaction. Keywords – prominence, Online retailing, convenient sampling technique, reliability analysis, assessing.

Increasing Brand Loyalty Through Cultivating Brand Love

The purpose of this study is to ascertain how customer value, customer satisfaction, and customer experience relate to brand love and brand loyalty. The research population comprises Starbucks customers as of December 2023. Purposive sampling, which involved selecting customers who had made purchases more than twice, was the sample strategy employed. A total of 250 people's data were gathered. SEM is the data analysis technique employed in this study with Smart PLS assistance. The study's findings indicate that brand love is influenced by customer value, customer satisfaction, and customer experience. Brand loyalty affects the brand. Brand loyalty is unaffected by customer value, customer satisfaction, or customer experience. According to these findings, a brand that is well-regarded by consumers would offer positive value on the presumption that the product or service fulfills their needs and gives them a satisfying experience. This will lead to customer love for the brand but not brand loyalty.

Effect of Customer Relationship Management on Customer Behaviors with the Mediating Role of Customer Value Creation in the Insurance Industry: A Case Study of Karafarin Insurance

The service industry is highly competitive. In order to provide value-added services, many companies rely on customers as powerful tools for solidifying company performance through discourse, participation, and social presence. In this Research, the main purpose was to study the effect of Customer Relationship Management on customer behaviors with the mediating role of customer value creation in the insurance industry (Case Study: Karafarin Insurance). The research method employed in this study was a descriptive-survey, and the statistical population consisted of 800 employees from branches of Karafarin Insurance. A sample of 260 individuals was selected as the statistical sample using the simple random sampling method, with appropriate allocation determined by referring to the Morgan Table. For data collection, the Customer Relationship Management questionnaire by Sin et al. [1], the Customer Value Creation questionnaire by Kalra & Kalra (2010), and the Consumer Behavior questionnaire by Lerman (2006) were employed. Data was analyzed using descriptive and inferential statistics, and utilizing the SPSS and PLS softwires. The analysis showed that Customer Relationship Management and its components (focusing on key customers, organizational Customer Relationship Management, knowledge management, technology-based Customer Relationship Management) have an effect on customer behaviors and customer value creation. The Findings demonstrate that customer value creation have effect on customer behaviors. The Sobel test results also indicate that customer value creation plays a mediating role between Customer Relationship Management and customer behaviors.

Research on time-value-oriented business model innovation path in life services enterprises and its impact on customer perceived value

In the era of the digital economy, the acceleration of life pace has induced to a continuous increase in people’s sense of time scarcity. In order to satisfy consumers’ lifestyle changes and immediate needs, life service enterprises have carried out lots of business model innovation activities guided by value of time. However, it is still unclear what the time-value-oriented business model innovation path is and whether it can improve the perceived value of customers. Under such background, this paper aims to construct a time-value-oriented business model innovation path in life services enterprises and to discuss its relationship with customer perceived value. The study indicates that: Firstly, specific innovation paths of enterprises include putting forward the purpose of value of time proposition, designing standardized process based on time-oriented, constantly forming unique core resources such as big data, brand and supply chain, and updating the transaction method combining online and offline, and so on. Secondly, the questionnaire results indicate that time-value oriented business model innovation in four aspects – value proposition, key processes, core resources, and transaction methods – can effectively enhance customer perceived value. Thirdly, there are differences in the matching degree between time-value-oriented business model innovation and customer value perception among different types of enterprises in the life services industry. Among them, the express delivery industry has the highest enhancing degree and customer satisfaction. This is related to the heterogeneous characteristics of industries such as express delivery, transportation, catering, and retail. Overall, this study offers a comprehensive and practical perspective for enterprises to meet customer perceived value demands by presenting business model innovation paths and solutions.

The effects of user- and marketer-generated content on customer satisfaction: A textual analysis approach

Online reviews and management responses are important user-generated content (UGC) and marketer-generated content (MGC) in social media platforms, which directly reflect the customer’s and merchant’s feedback on a specific consumption and may further affect customer satisfaction. However, as the targeted feedback to UGC, the impact of MGC and the total impact between UGC and MGC are still understudied. In this work, we proposed a systematic analysis procedure for unravelling the impacts of online catering UGC and MGC on customer satisfaction in-depth. By studying the collected 130,412 review data from a leading online catering review website in China, we empirically extracted several new UGC topics using a topic model, thereby expanding the customer value factor set from previous literature; we also quantitatively analyzed their effectiveness in explaining customer satisfaction. We further integrated the UGC and MGC, and causally elaborated upon the usefulness of targeted responses in customer relationship management through difference-in-difference (DID) analysis. The findings validated that the effectiveness of management response on customer future satisfaction is relatively limited compared to the impact brought by the rating variables in UGC, but targeted management responses can perform more effectively in improving customer satisfaction. In addition, moderation roles based on the consumption price and the subjective emotional tendency of customers revealed in the textual comments were also investigated. Thus, this study helped to form a comprehensive understanding of customer satisfaction by contributing to a better quantification of customer value factors and understanding of the influence mechanism for customer satisfaction through the integration of UGC and MGC. Several managerial implications for optimizing customer relationship management in online catering markets were also provided.

Customer Retention Analysis for Telecom Industry

Abstract: In today’s highly competitive telecom industry, retaining customers is vital for sustaining business growth and profitability. Customer churn, the phenomenon where customers switch from one service provider to another, poses a significant challenge for telecom companies. Predicting churn can help these companies take proactive measures to retain valuable customers. This study explores the application of machine learning algorithms for predicting customer churn in the telecom industry. Additionally, the research contributes to the existing body of knowledge in the field of customer churn prediction, showcasing the potential of machine learning algorithms in addressing complex business challenges.

The sharing economy as a new business model

Research Objective: The objective of this study is to understand and analyze various business models in the sharing economy. This understanding comes from a thorough investigation of how these models are applied in practice and how they impact various sectors of the economy. The analysis also includes an evaluation of the effectiveness of these models in the context of their business objectives and their impact on the community. Methodology: The methodology includes a literature review on the sharing economy. As part of this review, various publications and sources discussing the concepts and models of the sharing economy are examined. Additionally, an analysis of existing business models is conducted to understand how they are applied in practice and how they impact various sectors of the economy. Main Conclusions: The main conclusion is that the sharing economy has many different business models that are unique and innovative. These models, although different, have common features such as the use of digital technologies to create platforms that connect users and providers. Furthermore, these innovative business models contribute to the creation of new forms of value and opportunities for consumers and businesses. Research Application: The results of this study can be used to better understand and adapt business models in the sharing economy. This knowledge can help companies in creating more effective strategies that utilize these models to create value for customers and increase competitiveness. Moreover, the results can also serve as a basis for further research in this field, which could lead to the discovery of new opportunities and innovations in the sharing economy. Originality of Research: The originality of the research lies in the detailed analysis and categorization of business models in the sharing economy. This study stands out in that it not only examines existing models but also carries out their detailed categorization, allowing for a better understanding of the diversity and complexity of the sharing economy. This unique method allows for a deeper understanding of how different models operate and how they can be adapted to various business and social contexts.

Is lean manufacturing maturity a prerequisite for industry 4.0? Survey of SMEs in Japan and Brazil

Purpose The purpose of this study is to explore the relationship between Lean manufacturing and Industry 4.0 for small and medium size of enterprise in Japan and Brazil. Design/methodology/approach The authors conducted a quantitative survey (20 companies in Japan and 30 companies in Brazil) combined with a qualitative interview (2 companies in Japan and 15 companies in Brazil). Findings According to the quantitative study, 90% of them practice Lean manufacturing and 40% of them practice Industry 4.0. In the qualitative study in Brazil, four managers responded that the Lean manufacturing is a prerequisite for Industry 4.0 since any production process with waste cannot be productive, even with sophisticated digitalization technology. Originality/value The authors explored further the relationship between “defensive Digital Transformation (DX),” which is based mainly on Lean manufacturing, and “offensive DX,” which relates to customer value creation through Industry 4.0. This study clarifies the relationship and plays as a roadmap to develop better the manufacturing from current status to the vision of Industry 4.0.

Development of Worth Estimation and Key Target Selection Methods for Effective VE

VE is a powerful technique for analyzing a design with a focus on functionality, reducing costs, and increasing value. However, in order to proceed with the design of VE, the theoretical basis for the VE target selection process, which must be preceded in the preparation stage, is lacking, and as a result, it is difficult to verify the most effective target selection. Thus, a theoretical basis is needed. In this study, we intend to quantify the “Worth” value of the “Cost to Worth” technique and present an objective model of the target selection method using the derived value index (VI). For this purpose, cost worth (Worth C) was calculated based on the performance data of 1008 cases for 15 building types provided by the Domestic Public Procurement Service and the share of 83 detailed processes in seven fields. Then, a survey was conducted targeting the ordering companies, and the final worth (Worth F) was calculated by multiplying the derived customer value (Worth V) weight for each detailed work type. We calculated the value index (VI) by comparing “Cost” and “Worth F” for each detailed construction type of the VE project and developed a model to select construction types that exceed the VI standard value derived using the standard error of the population. Both cost experts and non-cost experts can use the developed model to specify the VE target selection criteria in order to easily select the key target, objectively sort the values that serve as the basis for calculating the value index, and make it possible to more easily select the VE target selection criteria based on theoretical evidence. Also, the model can be used to obtain effective detailed design VE results.

A STUDY ON VALUE CHAIN SECONDARY ACTIVITIES IN PROVIDING CUSTOMER VALUE IN JEWELLERY INDUSTRY – (WITH SPECIAL REFERENCE TO HYDERABAD AND SECUNDERABAD)

The value chain activities are too broad and some are confused to choose right value chain activities to use for their businesses. Even studies are extended to add or remove the actives from primary and secondary now a days. The study investigates the impact of secondary activities of value chain said to be Procurement, Technology development, Human resource management and firm’s infrastructure in providing customer value and achieving a competitive advantage through cost & differentiation. The primary data was collected through questionnaire aims to secure the data which is of high significance for comprehensive analysis of customer perceptions on likert scale and analysis & interpretation of data was through applying chi square. It was found that the value chain support activities doesn’t influence the customer conception and concluded that branded jewellery manufacturers must enhance their efforts for lofty accomplishment of Procurement, Technology Development, and Human Resource Development & Firm Infrastructure. KEYWORDS: Value Chain Secondary Activities, Procurement, Technology Development, Human Resource Development & Firm Infrastructure

Evaluating Customer Satisfaction Through Customer Value: The Role Of Food Quality, Service Quality, And Physical Environment

This study investigates the relationship between customer satisfaction and customer value, focusing on the significance of food quality, service, and physical environment in Mie Gacoan Indonesia Restaurant located in South Tangerang City. By employing a case study approach, data was collected from customers to assess their perceptions and satisfaction levels regarding the mentioned factors. Statistical analysis techniques were applied to analyze the data and determine the impact of food quality, service, and physical environment on customer satisfaction. The findings reveal important insights into the dynamics of customer satisfaction in the restaurant industry and emphasize the critical role of customer value in enhancing overall satisfaction. This study contributes to the existing literature by providing empirical evidence and practical implications for restaurant management aiming to improve customer satisfaction and loyalty.

Robustness of business models for insect production for feed and food in Europe

Abstract Insects and their derivatives are increasingly recognised as a (more) sustainable and circular protein source for feed and food. The European insect industry is growing, but upscaling remains a challenge due to multiple uncertainties. This study analysed the robustness of three different business models for insect production for feed and food in six future scenarios. Business models and scenarios were identified through literature review and refined through expert elicitation (n = 5). The three business models comprised: (1) full-liner black soldier fly production for pet food, (2) decentralised black soldier fly production for aquafeed, and (3) mealworm processing cooperative for food. The six scenarios addressed uncertainties around the use of side streams, insect welfare, energy, and sustainability. We used the Business Model Stress Test in four focus groups with experts (n = 23) from six European countries. Heat maps for three distinct business models were presented, detailing the impacts of scenarios on business model components. Experts regarded full-liner black soldier fly production for pet food and mealworm processing cooperative for food as more robust than decentralised black soldier fly production for aquafeed. These differences were mainly related to the customer segments, value proposition, revenue structure, and cost structure. In full-liner black soldier fly production for pet food, stringent regulations were expected to have no negative impact on business model components, in contrast to liberal regulations with anticipated adverse effects. Examination of regulatory uncertainty indicated strict legislation’s advantageous expected impact on consumer trust in the pet food and food market. High energy prices were anticipated as a major challenge across all business models, while improved sustainability compliance was viewed positively. The classification in relatively more or less robust business models serves as a guide for business and policy in further developing the insect sector for feed and food in Europe.

Wydarzenie modowe jako marka kulturotwórcza tworząca wartość dla klienta

Significant transformations are currently being observed in the field of culture, manifesting themselves through the search for and implementation of modern management strategies in this domain. With the incorporation of marketing practice and the perception of cultural institutions, events, and artists as brands, it becomes necessary to consider the specificity of culture, its mission as well as the needs of artists. The brand – in parallel with market relations and customer knowledge – represents a valuable resource that enables the attainment of substantial competitive advantage, in line with the resource-based theory. This article focuses on the phenomenon of event marketing as a tool for creating value for customers in the fashion sector and presents four levels of event marketing maturity. The study confirms that event marketing – when reaching an appropriate level of maturity – creates value for the customer. Additionally, the article presents key factors influencing the creation of value for customers through event marketing. The proposed model and conditions for effective implementation can be used as practical guidelines for designing and implementing fashion events aimed at maximising customer value. The conclusions drawn from this study are of significant importance for professionals in the fashion industry who seek to utilise event marketing as a tool for creating value for customers. Managing the brand in the context of fashion events as a culture-creating brand becomes a crucial element that enables the attainment of substantial competitive advantage in the fields of culture and fashion.

Market Orientation’s Effect on Customer Value, Trust, Satisfaction, and EWOM when using the MRT

The purpose of this study is to ascertain how market orientation affects customer value, trust, contentment, and word-of-mouth when using mass transit. MRT users comprised the study's demographic. Passengers who had taken the MRT more than twice were given a sample of 224 individuals by purposeful sampling. With the usage of smartPLS software, structural equation modeling, or SEM, is the analytical technique employed. According to the study's findings, market orientation significantly affects customer value, trust, contentment, and word-of-mouth when utilizing the MRT, both directly and indirectly. Effective marketing tactics and market orientation can enhance customer value perception, trust, and user pleasure. Relevant stakeholders and business practitioners can better grasp how maximizing market orientation fosters positive interactions with MRT users thanks to the research's findings. These findings' practical applications can aid in the creation of more potent marketing campaigns and enhance the general MRT user experience.

Sustainable business models in SMEs: The customer’s perspective


 
 
 The main purpose of the study is to identify the relationship between sustainability goals and measures of the degree of sustainable policy implementation, as well as the customer perspective as determined by the business model (BM) template of A. Osterwalder and Y. Pigneur. In the conducted research, the customer perspective takes into account five elements of the BM and each element was examined by several characteristics. The elements of the BM from the customer perspective are: customer segment, value proposition, distribution channels, customer relationships, and revenue. The study used the authors’ survey questionnaire, in which respondents, who were enterprises in the SME sector, answered questions about their own BM divided into three layers – business, social, and environmental. The results were statistically analysed using SPSS STATISTIC 28 software and a logit model was developed to verify the significance of the relationship between the binary variables studied. 303 enterprises participated in the survey, 59% of which were enterprises guided by sustainability goals (SGs) in their BMs. However, only 27% of those surveyed had measures of the degree of sustainable policy implementation.
 
 
 
 The conducted research confirmed that acting in accordance with SGs is strongly related to customer-oriented elements of the business model, such as (1) customer segregation by sex or by level of environmental awareness, (2) value proposition – an environmental orientation, (3) distri- bution channels – direct sales online, (4) customer relationships through dedicated personal assistance or automated service based on personal customer profiles, (5) revenue – sales of products and services. Slightly different results were obtained for using measures of the degree of the SD policy implementation, where the highest correlation occurred for: (1) main customers – manufacturing entrepreneurs, (2) customer segregation by end-user experience or by level of involvement in socially important issues, (3) value proposition – strengthening democracy, (4) distribution channels – wholesale stores are run by partners, (5) customer relationships through self-service or automated service based on personal customer profiles or involving customers in the product development process, (6) revenue – rental/lease/leasing or licenses.
 
 
 
 
 

Formulation of Agricultural Product Marketing Strategies Based on The Analysis of Customer Value Perception and Demand

Formulation of Agricultural Product Marketing Strategies Based on The Analysis of Customer Value Perception and Demand

An axiomatic model towards understanding value creation and appropriation in demand-driven markets

PurposeIn demand-driven markets, customer value, sometimes called perceived use value or consumer surplus, is defined by the customer rather than the firm. The value a firm can appropriate, its profits, is driven by the customer’s willingness to pay for the value they receive, adjusted by costs. This paper introduces a conceptual framework that helps understand value creation and appropriation in demand-driven markets and shows how to influence them through strategic decision-making.Design/methodology/approachThis paper uses an axiomatic approach combined with an extended analytical formulation of the jobs-to-be-done framework to contextualise demand-driven markets. It mathematically derives implications for managerial decision-making concerning selecting customer segments, optimising customer value creation and maximising firm value appropriation in a competitive environment.FindingsRooting strategic decision-making in the jobs-to-be-done framework allows distinguishing between what customers want to achieve (goal), what product attributes need to be satisfied (opportunity space/constraints) and what value creation criteria related to features are important (utility function). This paper shows that starting from a job-to-be-done, the problem of identifying which customer segments to serve, what product to offer and what price to charge, can be formulated as an optimisation problem that simultaneously (rather than sequentially) solves for the three decision variables, customer segments, product features and price, by maximising the value that a firm can appropriate, subject to maximising customer value creation and constrained by the competitive environment.Practical implicationsApplying the derived results to simultaneously deciding which customer segments to target, what product features to offer and what price to charge, given a set of competing products, allows managers to increase their chances of winning the competitive game.Originality/valueThis paper shows that starting from a job-to-be-done and simultaneously focusing on customers, product features, price and competitors enhances firm profitability. Strategic decision-making is formulated as an optimisation problem based on an axiomatic approach contextualising demand-driven markets.

Experience-dominant logic: laying the groundwork for an experience-dominant view of firm practices in the marketplace

Purpose This paper aims to introduce the experience-dominant (Ex-D) logic model, which synthesizes the creation, perceptions and outcomes of Ex-D logic. It is designed to offer valuable insights for strategic managerial applications and future research directions. Design/methodology/approach Employing a qualitative approach by using eight selected product launch events from reviewed 100 event videos and 55 in-depth interviews with industrial managers to develop an Ex-D logic model, and data were coded and analysed via NVivo. Findings Results show that the firm’s Ex-D logic is operationalized as the mentalizing of the three types of customer needs (service competence, hedonic excitations and meaning making), the materializing of three types of customer experiences and customer journeys (service experience, hedonic experience and brand experience) and the moderating of three types of customer values (service values, hedonic values and brand values). Research limitations/implications This study has implications for adding new insights into existing theory on dominant logic and customer experience management and also offers actionable recommendations for managerial applications. Originality/value This study sheds light on the importance of Ex-D logic from a strategic point of view and provides an organic view of the firm. It distinguishes firm perspective from customer perspective, firm experience from customer experience and firm journey from consumer journey.

The Impact of Customer Perceived Value in the Contemporary Art Distribution Chain

Objective: The objective of this study is to investigate the role of customer-perceived value in the contemporary art distribution chain and its impact on value co-creation behavior, with the aim of how customer-perceived value affects the transaction and market value of artworks from creation to final sale.   Theoretical Framework: In this topic, the main concepts and theories that underpin the research are presented. Customer Perceived Value Theory, Value Co-Creation Behavior, Consumer Purchase Decision Theory, and factors influencing Customer Value Judgments stand out, providing a solid basis for understanding the context of the investigation.   Method: The methodology adopted for this research involves a qualitative research approach, focusing on the exploration of customer perceived value in various aspects of art distribution and the mechanisms influencing value co-creation behaviors. The study selected ten industry insiders, including six primary market practitioners and four young artists. Through in-depth interviews, key information was summarized to clarify the mediating role of customers' perceived value in value co-creation behaviors and artwork prices. This qualitative method allows for a deeper understanding of the specific context of the contemporary art market, generating rich qualitative data to comprehend and explain the mediating role of customer perceived value. Its flexibility and adaptability enable the adjustment of research direction and focus based on findings, thus responding to the art market and investment strategies' variability.   Results and Discussion: The results obtained revealed that customer perceived value plays a crucial role in every segment of the contemporary art market's circulation, from the artist's creation to the final sale and collection of the artwork. The act of collecting and holding artworks by collectors is an acknowledgment of the art's value, reflecting the positive impact of customer perceived value on value co-creation behavior. The study also indicates that customer perceived value is continuously enhanced through the process of value co-creation, thereby positively affecting customer value co-creation behavior. As more people recognize an artwork, its value correspondingly increases, suggesting that customer value co-creation behavior has a positive impact on the price of artwork, with customer perceived value serving as a mediating role. Furthermore, the possession of artworks by collectors with refined aesthetics and relative professionalism is itself a form of value co-creation behavior, enhancing public recognition of the artwork's value. When value co-creativity improves customer perceived value and promotes the artwork's appreciation, this behavior also positively influences value co-creativity. These conclusions unveil the interconnectedness between customer perceived value, value co-creation behavior, and market dynamics, providing insights into how contemporary artworks gain recognition and value through collective appreciation and engagement.In the discussion section, these results are contextualized in light of the theoretical framework, highlighting the implications and relationships identified. Possible discrepancies and limitations of the study are also considered in this section.   Research Implications: The practical and theoretical implications of this research are discussed, providing insights into how the results can be applied or influence practices in the field of contemporary art market and art valuation. These implications could encompass art market dynamics, artist and gallery practices, art investment strategies, and collector behavior.   Originality/Value: This study contributes to the literature by exploring the intricate relationship between customer perceived value, value co-creation behavior, and their impacts on art market pricing and art collection value through a qualitative approach. It offers a unique perspective on how digitalization and globalization are reshaping the contemporary art market, highlighting the dynamic interplay between these factors. The relevance and value of this research are evidenced by providing actionable insights for artists, galleries, and collectors on leveraging customer perceived value and co-creation practices to enhance the economic and cultural value of artworks. Additionally, it offers a framework for understanding the evolving dynamics of the art market, potentially guiding future policies and strategies in art management and valuation.