Consumer Perception of Value: Literature Review and a New Conceptual Framework

Abstract

Consumer value is a concept of continuing interest to scholars, marketing researchers, and to many marketing practitioners. However, the presence of multiple meanings, the use of different terms, and even the existence of a diversity of opinions regarding its features and nature reflect the complexity of its study and give rise to the possibility of confusion in its application. This article presents a review of the existing literature on the concept of value in order to shed light on the confusion surrounding this construct. The analysis highlights the polysemy and the diversity of terms that have been used, along with the different definitions that have been proposed. Convergent and divergent elements are also identified. As a result of this review and analysis, the features that characterize the concept of consumer value are determined and a conceptual framework is proposed as a basis for future research.