A icle Ti le Page
De eloping an In eg a ed Vision o Cus ome Value
Au ho De ails
Au ho 1 Name: Sil ia Ma elo Land oguez
Depa men : Depa amen o de Adminis ación de Emp esas y Ma ke ing
Uni e si y: Uni e sidad de Se illa
Town/Ci y: Se illa
S a e (US only):
Coun y: Spain
Au ho 2 Name: Ca men Ba oso Cas o
Depa men : Depa amen o de Adminis ación de Emp esas y Ma ke ing
Uni e si y: Uni e sidad de Se illa
Town/Ci y: Se illa
S a e (US only):
Coun y: Spain
Au ho 3 Name: Gab iel Cepeda-Ca ión
Depa men : Depa amen o de Adminis ación de Emp esas y Ma ke ing
Uni e si y: Uni e sidad de Se illa
Town/Ci y: Se illa
S a e (US only):
Coun y: Spain
Co esponding au ho : Sil ia Ma elo Land oguez
Co esponding Au ho ’s Email: sil ia.ma elo@mic osa.es
Please check his box i you do no wish you email add ess o be published
NOTE: a ilia ions should appea as he ollowing: Depa men (i applicable); Ins i u ion; Ci y; S a e (US only); Coun y.
No u he in o ma ion o de ail should be included
Acknowledgmen s (i applicable):
The au ho s g a e ully acknowledge D . Cha les Ma in o hei cons uc i e commen s on p e ious d a s o his manusc ip .
Biog aphical De ails:
[Au ho 1 bio]
Sil ia Ma elo Land oguez is doing a Ph.D p og am in he Managemen and Ma ke ing Depa men a he Uni e si y o Se ille. He
esea ch opics a e dynamic capabili ies, ma ke o ien a ion, knowledge managemen , cus ome ela ionship managemen and
cus ome alue.
[Au ho 2 bio]
Ca men Ba oso Cas o is a P o esso o Business Adminis a ion in he Managemen and Ma ke ing Depa men a he Uni e si y
o Se ille. A p esen , he main esea ch opics a e ela ed o esou ce-based heo y and cus ome alue.
[Au ho 3 bio]
Gab iel Cepeda-Ca ión is a Doc o in managemen . Cu en ly, he is an associa e p o esso in he Managemen
and Ma ke ing Depa men a he Uni e si y o Se ille. His esea ch opics include o ganiza ional lea ning,
knowledge managemen and quali a i e and quan i a i e esea ch me hods.
Type oo e in o ma ion he e
Type heade in o ma ion he e
S uc u ed Abs ac :
Pu pose: The aim o his pape is o con ibu e o he se ice managemen li e a u e by iden i ying he possible ela ionship be ween
cus ome alue seen om he cus ome pe spec i e and om he i m pe spec i e, and i s po en ial in luence on he alue c ea ed
o he se ice cus ome .
Design/me hodology/app oach: We p opose ha a ela ionship be ween he di e en pe spec i es exis s and we will a emp o
c ea e an in eg a ed ision o cus ome alue. We ha e no ound any pape s which ocus on he ela ionship be ween hese
di e en pe spec i es o cus ome alue, and ou aim is o ill his gap in he li e a u e.
Findings: Ou p oposed model shows ha i is he ela ionship be ween cus ome alue om he cus ome ’s poin o iew and
cus ome alue om he i m´s poin o iew ha eally c ea es alue.
P ac ical implica ions: Ou pape can in luence he cu en se ice managemen o i ms wi h ega d o cus ome alue c ea ion in
se e al ways.
O iginali y/ alue: F om he exis ing li e a u e, we deduce ha cus ome alue can be seen as pe cei ed alue ( he cus ome
pe spec i e) o as alue c ea ion and app op ia ion ( he i m pe spec i e). We p opose hese h ee ypes o alue a e equi alen in
an impo an le el and should be always in e ela ed.
Keywo ds: Cus ome alue, Pe cei ed alue, Value c ea ion, Value app op ia ion.
A icle Classi ica ion: Concep ual pape
Fo in e nal p oduc ion use only
Running Heads:
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DEVELOPING AN INTEGRATED VISION OF CUSTOMER VALUE
ABSTRACT:
Pu pose: The aim o his pape is o con ibu e o he se ice managemen
li e a u e by iden i ying he possible ela ionship be ween cus ome alue seen
om he cus ome pe spec i e and om he i m pe spec i e, and i s po en ial
in luence on he alue c ea ed o he se ice cus ome .
Design/me hodology/app oach: We p opose ha a ela ionship be ween he
di e en pe spec i es exis s and we will a emp o c ea e an in eg a ed ision o
cus ome alue. We ha e no ound any pape s which ocus on he ela ionship
be ween hese di e en pe spec i es o cus ome alue, and ou aim is o ill
his gap in he li e a u e.
Findings: Ou p oposed model shows ha i is he ela ionship be ween
cus ome alue om he cus ome ’s poin o iew and cus ome alue om he
i m´s poin o iew ha eally c ea es alue.
P ac ical implica ions: Ou pape can in luence he cu en se ice
managemen o i ms wi h ega d o cus ome alue c ea ion in se e al ways.
O iginali y/ alue: F om he exis ing li e a u e, we deduce ha cus ome alue
can be seen as pe cei ed alue ( he cus ome pe spec i e) o as alue c ea ion
and app op ia ion ( he i m pe spec i e). We p opose hese h ee ypes o alue
a e equi alen in an impo an le el and should be always in e ela ed.
KEY WORDS: Cus ome alue, Pe cei ed alue, Value c ea ion, Value
app op ia ion.
PAPER TYPE: Concep ual pape
1. INTRODUCTION
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Unde s anding he alue ha cus ome s pe cei e in an o e , c ea ing alue o
hem and hen managing i o e ime, ha e long been ecognized as essen ial
elemen s o a i m’s business s a egy (D ucke , 1985; Po e , 1985, 1998;
Sla e and Na e , 1998). De e mining wha he cus ome seeks om a se ice
also helps a i m o o mula e i s alue p oposi ion. Po e (1985) no es ha a
i m’s compe i i e ad an age s ems om i s abili y o c ea e alue o i s
cus ome s, which exceeds he i m’s cos o c ea ing i (DeSa bo e al., 2001).
‘Cus ome alue’ eme ged in he 1990s as a g owing opic o in e es o i ms,
a bo h an academic and p o essional le el. This concep is conside ed as one
o he mos signi ican ac o s o a i m’s success (Gale, 1994; Pa asu aman,
1997; Wood u , 1997; Zei haml, 1988; Zei haml e al., 1996) and has been
highligh ed as an impo an sou ce o compe i i e ad an age (Mizik and
Jacobson, 2003; Spi e i and Dion, 2004; Wood u , 1997). Cus ome alue is
also ecognized as he undamen al basis o all se ice ma ke ing ac i i y
(Holb ook, 1996) and is ega ded as a c i ical s a egic ool o a ac and e ain
cus ome s (Chen and Ques e , 2006; Lee and O e by, 2004; Sánchez and
Inies a, 2006; Wang e al., 2004) as well as an indica o o epu chase
in en ions (Pa asu aman and G ewal, 2000).
In ecen decades, i ms ha e been ope a ing in a new and complex compe i i e
en i onmen in which mo e and mo e cus ome s a e demanding he c ea ion o
alue (Sánchez e al., 2009) and i ms a e inc easingly ega ding cus ome
alue as a key ac o o seeking new ways o ob ain and main ain a compe i i e
ad an age (Wood u , 1997; Wood u and Ga dial, 1996). This has gene a ed a
g owing in e es in c ea ing and deli e ing supe io alue o he cus ome (Smi h
and Colga e, 2007; Wang e al., 2004).
The exis ing li e a u e demons a es ha cus ome alue can be iewed bo h
om he cus ome ’s poin o iew and om he i m’s poin o iew. Some
au ho s ocus on pe cei ed alue ( he cus ome pe spec i e), while o he s ocus
on alue c ea ion and app op ia ion ( he i m pe spec i e). Bu i is impo an o
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ind an in eg a ed ision o bo h pe spec i es wi h which o s udy cus ome
alue. The e o e, we p opose ha a ela ionship be ween he di e en
pe spec i es exis s and we will a emp o c ea e an in eg a ed ision o
cus ome alue. We ha e no ound any pape s which ocus on he ela ionship
be ween hese di e en pe spec i es o cus ome alue, and ou aim is o ill
his gap in he li e a u e. Ou objec i e is o: a) iden i y he ela ionship be ween
cus ome alue om he cus ome ’s poin o iew and cus ome alue om he
i m’s poin o iew, b) iden i y i he e is an in e ac ion be ween hese poin s o
iew, c) p oduce a model ha shows his po en ial ela ionship and d)
demons a e ha i is his ela ionship ha eally c ea es alue o se ice
cus ome s.
To summa ize, he aim o his pape is o con ibu e o he se ice managemen
li e a u e by iden i ying a possible ela ionship be ween cus ome alue om he
cus ome pe spec i e and om he i m pe spec i e, and he po en ial in luence
o his ela ionship on he alue c ea ed o he cus ome . The emainde o he
pape is o ganized as ollows: i s , we se ou he heo e ical con ex o his
pape ; second, building on he exis ing li e a u e on pe cei ed alue and alue
c ea ion and app op ia ion, we de elop a model o link hese concep s; and
inally, he implica ions o he s udy a e discussed.
2. THEORETICAL BACKGROUND
2.1. Poin s o iew om which o s udy cus ome alue
The s udy o ‘cus ome alue’ is complica ed by he di e en meanings o he
concep acco ding o he poin o iew adop ed. Fo example, Payne and Hol
(2001) no e ha he e m ‘cus ome alue’ can be used in a a ie y o con ex s.
These include ‘cus ome -pe cei ed alue’, ‘c ea ing and deli e ing cus ome
alue’ and ‘ alue o he cus ome ’. We now go on o explain hese h ee
pe spec i es mo e ully:

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1) Cus ome -pe cei ed alue: T adi ionally, he p incipal mechanism o
lis ening o he cus ome has been o measu e sa is ac ion. Wood u (1997)
s a es ha he measu emen o sa is ac ion needs o shi owa ds a be e
unde s anding o wha cus ome s alue in e ms o which se ices help hem o
achie e hei o ganiza ional goals and pu poses. As a esul , many esea che s
a e now ocusing on his ex ended iew o cus ome -pe cei ed alue (Ande son
and Na us, 1998; Bu z and Goods ein, 1996; Pa asu aman, 1997; Pa e son
and Sp eng, 1997; Ra ald and G ön oos, 1996; Sla e , 1997; Wood u , 1997;
Wood u and Ga dial, 1996). In his way, cus ome alue becomes a cus ome -
o ien ed concep . The cus ome ’s pe cep ion o wha is c ea ed and deli e ed
should be es ablished and bo ne in mind when he i m de ines i s alue
p oposi ion (Payne and Hol , 2001).
2) C ea ing and deli e ing cus ome alue: Cus ome alue c ea ion and
deli e y was he ocus o much esea ch du ing he 1990s (Band, 1991; Day,
1990; Gale, 1994; Naumann, 1995). This pe spec i e ocuses on he links
be ween cus ome alue, i m pe o mance and compe i i e ad an age and
a gues ha a i m’s success depends on he ex en o which i deli e s wha is
o alue o i s cus ome s (Payne and Hol , 2001). Naumann (1995) s esses ha
quali y alone is no enough o gua an ee a i m’s su i al. This au ho s a es ha
he key success ac o is he i m’s abili y o c ea e and deli e supe io
cus ome alue compa ed o i s compe i o s.
3) The cus ome ’s alue o he i m: Unde s anding cus ome alue om he
pe spec i e o ‘ he alue o he cus ome o he i m’ has also ecei ed a en ion
om esea che s (Payne and Hol , 2001). This s eam o esea ch ocuses on
he alue o he cus ome o he i m; conside ing i as an ou pu , a he han an
inpu , o alue c ea ion. As such, i ocuses no on he c ea ion o alue o he
cus ome bu on he alue ou come ha can be de i ed om deli e ing supe io
cus ome alue. Acco ding o Payne and Hol (2001), a key concep ha o ms
pa o his pe spec i e is ha o ‘cus ome li e ime alue’. This pe spec i e
iews cus ome alue as he alue ha a i m can ob ain om i s cus ome s
(Woodall, 2003) and does no conside he alue p o ided by he i m o i s
5
cus ome s. F om an analysis o Payne and Hol ’s (2001) desc ip ion o his
cus ome alue pe spec i e, we would en u e ha his e e s o i m alue
app op ia ion.
To he p e ious classi ica ion, we can add ano he ca ied ou by Va go and
Lusch (2004). These au ho s posi a change in he ma ke ing dominan logic.
They p opose o pass om a ocus on angible ou pu wi h embedded alue o a
ocus on dynamic exchange ela ionships ha in ol e se ices in which alue is
coc ea ed wi h he cos ume (Chan, Yim and Lam, 2010; Ed a dsson, T on oll
and G ube , 2011). Depending on he dominan logic adop ed, Va go and Lusch
(2004) p opose wo pe spec i es o alue:
1) T adi ional goods-cen e ed dominan logic: Value is de e mined by he
p oduce because i is embedded in goods. Value is de ined in e ms o
‘exchange- alue’.
2) Eme ging se ice-cen e ed dominan logic: Value is pe cei ed and
de e mined by he cus ome on he basis o ‘ alue in use’.
Acco ding o Va go and Lusch (2004) and Lusch and Va go (2006), i ms can
only o e alue p oposi ions; he cus ome mus de e mine alue and
pa icipa e in c ea ing i h ough he p ocess o cop oduc ion.
Al hough we conside e y in e es ing Va go and Lusch’s (2004) ideas, his
pape is based on a s udy o he h ee s eams o in es iga ion p oposed by
Payne and Hol (2001): pe cei ed alue; alue c ea ion; and alue
app op ia ion. In ou opinion, Payne and Hol ’s (2001) app oach ends mo e
owa d ou idea o alue. On he one hand, se ice ma ke ing li e a u e ocuses
on he demand pe spec i e o alue: cus ome alue and i s pe cep ion, while
on he o he hand, se ice managemen li e a u e iews alue c ea ion and
app op ia ion (and he i m’s abili y o ca y his ou ) as he dis inc i e
compe ence. Ou main objec i e is o connec bo h o hese con ibu ions.
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2.2. Pe cei ed alue
The alue pe cei ed by he cus ome has ecei ed a lo o a en ion om bo h
academics and p ac i ione s due o he impo ance o p edic ing pu chase
beha io and achie ing compe i i e ad an ages (Bol on and D ew, 1991; C onin
e al., 2000; Dodds e al., 1991; Holb ook, 1994; Pa asu aman e al., 1985;
Zei haml, 1988). I has also been cha ac e ized as he main ou come o
ma ke ing ac i i y (Babin e al., 1994; Holb ook, 1994).
Acco ding o Sánchez and Inies a (2006), he e a e many e ms ha ha e been
used o e e o pe cei ed alue, such as ‘judgmen alue’ (Flin e al., 1997),
‘shopping alue’ (Babin e al., 1994), ‘consump ion alue’ (Sin e al., 2001;
Sweeney and Sou a , 2001), ‘ ela ionship alue’ (Ra ald and G ön oos, 1996),
‘p oduc alue’ (Bowman and Amb osini, 2000), ‘se ice alue’ (Bol on and
D ew, 1991; C onin e al., 2000), ‘desi ed alue’ (Flin e al., 2002), ‘expec ed
alue’ (Van de Haa e al., 2001), ‘cus ome alue’ (Wood u , 1997),
‘consume alue’ (Holb ook, 1994), ‘pe cei ed alue’ (Aga wal and Teas, 2001;
Zei haml, 1988) o ‘ ecei ed alue’ (Flin and Wood u , 2001).
In he e iew o he pe cei ed alue li e a u e, ca ied ou by Woodall (2003),
eigh een di e en e ms we e ound o desc ibe he idea o alue om he
demand side. In ac , di e en e ms a e used in he same pape by ce ain
au ho s. Acco ding o Sánchez and Inies a (2006), all o hese e ms e e o he
same idea: he cus ome pe cep ion o alue, bu di e en e ms ha e been
used as a esul o he s udy o alue om di e en pe spec i es and in di e en
con ex s.
2.2.1. Di icul y o de ining pe cei ed alue
Despi e he impo ance o pe cei ed alue, pa adoxically, li le in e es has been
shown in he unde s anding o i s concep ual basis, compa ed o o he a iables
such as p ice, quali y o sa is ac ion (Sánchez and Inies a, 2006). Al hough
many au ho s poin ou he sca ce and insu icien in es iga ion in o pe cei ed
7
alue (Bol on and D ew, 1991; Day and C ask, 2000; Dodds e al., 1991;
Holb ook, 1994, 1999), he ac is ha he e a e many pape s, al hough hese
a e qui e dispe sed and somewha inconclusi e (Sánchez and Inies a, 2006).
This phenomenon can be explained by he ac ha pe cei ed alue is a
complex (Lapie e, 2000; Ra ald and G ön oos, 1996; Wood u and Ga dial,
1996), polysemic (Kashyap and Bojanic, 2000; Zei haml, 1988), subjec i e
(Babin e al., 1994; Wood u and Ga dial, 1996) and dynamic (Day and C ask,
2000; Naumann, 1995; Van de Haa e al., 2001) concep .
Acco ding o Sánchez and Inies a (2006), he complexi y o his concep a ises
om i s ambiguous in e p e a ions (Khali a, 2004; Van de Haa e al., 2001), i s
abs ac sense (Dodds e al., 1991; Pa e son and Sp eng, 1997) and om
a ia ions in he pe cep ion o alue by cus ome s (Hube e al., 2001; Sinha
and DeSa bo, 1998; Sla e , 1997), wi hin he same pe son (Chen and Dubinsky,
2003; Pa asu aman, 1997) and in di e en si ua ions (Holb ook, 1994, 1999;
Lapie e, 2000; Wood u , 1997).
Al hough pe cei ed alue has o en been de ined as a ade-o be ween quali y
and p ice, many esea che s no e ha pe cei ed alue is a mo e obscu e and
complex cons uc , which encompasses ideas such as p ice, quali y and
pe cei ed bene i s and sac i ices (Bol on and D ew, 1991; Holb ook, 1994), and
a mo e speci ic in es iga ion o i s dimensionali y is equi ed (Sinha and
DeSa bo, 1998).
2.2.2. Con e gences and di e gences in he de ini ions o pe cei ed
alue
Following se e al au ho s (Boksbe ge and Melsen, 2011; Cengiz and Ki kbi ,
2007; Sánchez and Inies a, 2006; Ulaga, 2003; Ulaga and Chacou , 2001;
Wood u , 1997), we iden i y a se o con e gences and di e gences in he
di e en de ini ions o pe cei ed alue.
Among he con e gences, we would highligh he ollowing:
14
compe i ion by e ec ing ba ie s o imi a ion, o example, h ough b and-based
ad e ising. In his case, he i m ies o ex end he ime i s ad an age pe sis s
(Mizik and Jacobson, 2003). Mos i ms a oid hese ex emes and op o a
s a egy ha balances he suppo gi en o alue c ea ion and app op ia ion.
Along he same line, Tuominen (2004) iews alue c ea ion as an
o ganiza ional capabili y ha , along wi h he alue app op ia ion capabili y, is
necessa y o achie e a compe i i e ad an age in he ma ke place. The
supe io i y o i ms ha lead he compe i ion canno be based solely on he
c ea ion o alue; hey also ha e o be able o app op ia e he alue c ea ed
h ough ma ke sha e and p o i s (Mizik and Jacobson, 2003; Tuominen, 2004).
In any e en , i is likely ha hese ad an ages would be empo a y. Ma ke
dynamism and unce ain y p o oke no only he need o c ea e an ongoing new
alue, bu also he need o main ain he alue c ea ed in p e ious pe iods
(Eisenha d and Ma in, 2000; Mo ow e al., 2007; Si mon e al., 2007).
2.3.3. Value c ea ion and alue app op ia ion capabili ies
Ba oso and Ruiz (2010) a gue ha i is necessa y o analyze how a i m uses
i s esou ces o c ea e cus ome alue (Adne and Zemsky, 2006; P iem, 2007;
Si mon e al., 2007; S i as a a e al., 2001). Ba oso and Ruiz (2010) no e ha
alue c ea ion has been e y p esen in he ield o i m s a egy in gene al, and
in he esou ce-based iew (RBV) in pa icula , bu i has been analyzed om
an exogenous pe spec i e. The e o e, one o he bigges c i icisms made o he
RBV is he scan a en ion paid o how esou ces gene a e alue o cus ome s
(Si mon e al., 2007; S i as a a e al., 2001; Zande and Zande , 2005).
Value c ea ion in ol es he de elopmen o a se o capabili ies ela ed o he
c ea ion and eno a ion o he ou es o compe i i e ad an age. On he o he
hand, alue app op ia ion in ol es he de elopmen o a se o capabili ies
o ien ed o he ex ac ion o bene i s de i ed om alue c ea ion (Ba oso and
Ruiz, 2010). In o he wo ds, i ocuses on he app op ia ion o ma ke en s
gene a ed om he possession o speci ic di e en ial esou ces o capabili ies

15
(Moccia o and Ba is a, 2005). Fo he app op ia ion o bene i s o ake place,
isola ing mechanisms ha es ic compe i i e o ces mus be in place, since
wi hou hem, he e will be no incen i es o c ea e alue o he cus ome (Mizik
and Jacobson, 2003).
In Moccia o and Ba is a’s (2005) s udy, alue c ea ion e e s o a i m’s ole in
he economic sys em in which i ope a es and in ol es he i m’s abili y o
pe cei e and implemen new combina ions o esou ces o allow new
compe ences and knowledge o be de eloped and which inc ease he e iciency
o he esou ces cu en ly in use in he economic sys em.
A i m’s echnological capabili ies, d i en by R&D expendi u es, ha e been
linked o alue c ea ion (Mizik and Jacobson, 2003). As o he app op ia ion o
alue, se e al di e en capabili ies exis o inc ease isola ing mechanisms and
hese in luence he leng h o ime ha a i m is able o ea n economic p o i s.
Accumula ed asse s, such as cus ome loyal y, se e as isola ing mechanisms
and in luence he abili y o compe i o s o dissipa e a i m’s ad an age.
Acco ding o Mizik and Jacobson (2003), one key componen o alue
app op ia ion capabili y o pa icula conce n o se ice ma ke ing manage s
ela es o he e ec s o ad e ising. The i m’s abili y o di e en ia e i s o e
h ough ad e ising acili a es alue app op ia ion because i leng hens he
du a ion o he compe i i e ad an age (Mizik and Jacobson, 2003).
3. RESEARCH MODEL
In his sec ion o he pape , we will y o ela e he wo pe spec i es o cus ome
alue: pe cei ed alue ( he cus ome pe spec i e); and alue c ea ion and
app op ia ion ( he i m pe spec i e).
As a i s app oxima ion o he ela ionship be ween hese h ee concep s, we
p opose he ollowing igu e:
Figu e 2. Cus ome alue
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As we see in Figu e 2, we p opose ha he alue cycle begins wi h he i m’s
p oposi ion o alue (a). In ac , e e y i m has i s own alue p oposi ion and i s
own expec a ion o alue cap u e in he ma ke place. We also p opose ha a
i m mus be able o c ea e alue (b) o i s cus ome s. To c ea e alue, a i m
needs o ha e o de elop a se o dis inc i e capabili ies ha allows i o s and
ou om he compe i ion. We s a e ha he p oposi ion o alue o each i m
helps hem o c ea e alue o i s cus ome s. Bu ega dless o how much alue
a i m c ea es, i he cus ome does no pe cei e i (c), he i m is no c ea ing
alue.
I a i m c ea es alue and he cus ome pe cei es i , he necessa y nex s ep is
he i m’s app op ia ion o ha c ea ed alue. This is he eason why we
p opose ha a eedback h ough he cus ome pe cei ed alue is equi ed so
ha he i m could upda e and adap i s alue p oposi ion.
As explained ea lie in his pape , we a gue ha when he concep o ‘cus ome
alue’ is discussed, i is impo an o keep bo h he cus ome s and he i m in
mind, since he ela ionship be ween hem is wha gi es ise o ue alue. Wha
we y o achie e wi h ou s udy is o ind how he ela ionship be ween
cus ome alue om he cus ome pe spec i e and om he i m pe spec i e
mus be in o de o imp o e he alue c ea ed o he cus ome s.
T adi ionally, alue esea ch has been ocused on he e alua ion o how i ms
c ea e alue o hei cus ome s and how cus ome s pe cei e he supe io alue
17
o wha he i m is o e ing, compa ed wi h he compe i ion. In ecen yea s, he
emphasis has been on he need o conside cus ome s as asse s (Ulaga, 2001).
This idea e e s o he equi emen ha i ms should be able o app op ia e he
alue c ea ed.
Al hough alue app op ia ion is impo an , se ice manage s canno be ocused
exclusi ely on cap u ing exchange alue while lea ing i o chance ha use
alue is expe ienced. Exchange alue is he mone a y amoun ealized a a
single poin in ime when he exchange o he se ice akes place and use alue
consis s o he speci ic quali ies o he se ice pe cei ed by cus ome s in
ela ion o hei needs and he ex en o which al e na i e se ices migh mee
hose needs (Bowman and Amb osini, 2000). Ins ead, an essen ial pa o he
se ice manage ’s a is helping cus ome s o pe cei e and expe ience
maximum use alue, in a compe i i e en i onmen in which o he i ms a e also
s uggling o help hei cus ome s (P iem, 2007). Fu he mo e, alue c ea ion
alone is insu icien o achie e compe i i e ad an age and inancial success and
he e o e, i ms wi hou he abili y o es ic compe i i e o ces (e.g. e ec
ba ie s o imi a ion) a e unable o app op ia e he alue ha hey ha e c ea ed
(G an , 1991; Teece e al., 1997). Indeed, he e is li le incen i e o i ms o
engage in alue c ea ion in he absence o isola ing mechanisms ha p e en
he immedia e dissipa ion o he p o i s associa ed wi h a alue-c ea ing
ini ia i e (e.g. an inno a ion) (Mizik and Jacobson, 2003). Fi ms wi hou he
capabili ies o es ic compe i i e o ces a e unable o app op ia e he alue
hey ha e c ea ed and so compe i o s and cus ome s will claim i (Ghemawa ,
1991).
Mizik and Jacobson (2003) s ess ha alue c ea ion in es men decisions
canno be di o ced om hose ela ed o alue app op ia ion, since coun less
examples exis o inno a ions ha c ea ed eno mous alue, bu whe e he
inno a ing i m was unable o cap u e he su plus. Acco ding o hese au ho s,
i ms ha ail o pay su icien a en ion o alue app op ia ion canno be
expec ed o achie e sus ained compe i i e ad an age and cap u e he bene i s
om hei alue c ea ion capabili ies.
18
This idea is illus a ed in he p e ious igu e. In Figu e 2, we y o show how he
h ee iews o alue a e equi alen o a i m in an impo an le el and ha all
h ee should be in e ela ed. Simila ly, Ba oso and Ruiz (2010) no e ha , om
a i m’s pe spec i e, alue c ea ion s a s gene a ing alue o he cus ome s,
which enables hem o gain a compe i i e ad an age, which in u n con ibu es
o inc eased sha eholde weal h (P iem, 2007; Si mon e al., 2007).
The e o e, a i m has o be able o c ea e alue o hei cus ome s. In o de o
c ea e alue, he i m needs o ha e o de elop a dis inc i e se o capabili ies
ha allows hem o s and ou om he compe i ion (as discussed p e iously).
This is whe e pe cei ed alue comes in o play and wi h i , he ole o he
cus ome . Rega dless o how much alue a i m c ea es, i he cus ome does
no pe cei e i , he i m is no eally c ea ing alue.
I , on he con a y, a i m c ea es alue and he cus ome pe cei es i , he
ollowing s ep mus be he app op ia ion o he alue i has c ea ed. Jus as
when he i m c ea es alue, i ms need o ha e o de elop a se o capabili ies
(as discussed abo e), such as ba ie s o imi a ion, in o de o cap u e he alue
c ea ed.
Figu e 3 is a g aphical explana ion o he p ocess we p opose:
Figu e 3. An in eg a ed iew o cus ome alue
19
As we ha e seen, we need o conside bo h he i m and i s cus ome s when
discussing cus ome alue, since ue cus ome alue de elops om he
ela ionship be ween hem.
Fo his eason, ou p oposed model includes he h ee alue iews as well as
he ela ionship be ween hem. We would a gue ha i is his ela ionship ha
eally c ea es alue.
4. IMPLICATIONS FOR RESEARCH AND MANAGEMENT
The i s implica ion o se ice esea ch is ha ou pape shows he exis ence
o di e en iews and ways o hinking abou cus ome alue, depending on he
poin o iew ha is adop ed; namely, pe cei ed alue (acco ding o cus ome

20
pe spec i e) and alue c ea ion and app op ia ion (acco ding o he i m
pe spec i e).
Secondly, we show he impo ance o linking he di e en iews o cus ome
alue since, as we ha e s a ed be o e, wha eally c ea es alue is he
ela ionship be ween hese iewpoin s.
Ou pape con ibu es o he se ice li e a u e on bo h alue and i m
managemen . Ou pape can also in luence he cu en se ice managemen o
i ms wi h ega d o cus ome alue c ea ion.
Fi s ly, we ecommend ha i ms combine alue c ea ion and alue
app op ia ion a he han ocusing on only one o hese aspec s. As we ha e
discussed, bo h alue c ea ion and app op ia ion a e equi ed o achie e a
sus ainable compe i i e ad an age (see Figu e 1); he i m has o decide he
ex en o which one o o he p edomina es.
Secondly, and as a consequence o he p e ious idea, we ou line he
impo ance o analyzing how o di ide a i m’s sca ce esou ces be ween i s
alue c ea ion and app op ia ion capabili ies. As we ha e discussed, a i m’s
esou ces a e limi ed and he e o e, i ms a e o ced o p io i ize esou ce
alloca ion be ween hei alue c ea ion and alue app op ia ion capabili ies.
Thi dly, we s a e he impo ance o i ms o link alue c ea ion and cus ome
pe cei ed alue. Fi m alue c ea ion should be guided by he alue pe cei ed
by he cus ome s. I espec i e o how much alue a i m c ea es, i cus ome s
do no pe cei e i , i ms a e no c ea ing alue.
Las ly, ou pape demons a es a se o capabili ies ha can be used o i ms o
c ea e alue and o app op ia e he alue c ea ed. These capabili ies can also
be used as a e e ence o i ms o de elop o he capabili ies o acili a e hei
alue c ea ion and app op ia ion.
21
5. CONCLUSIONS AND FUTURE RESEARCH
Unde s anding wha cus ome s alue in an o e , c ea ing alue o hem and
hen managing i o e ime, ha e long been ecognized as essen ial elemen s o
a i m’s business s a egy. Cus ome alue eme ged in he 1990s as a opic o
g owing in e es o he i ms, bo h a an academic and a p o essional le el. On
he one hand, se ice ma ke ing li e a u e ocuses on he demand pe spec i e
o alue: cus ome alue and i s pe cep ion. On he o he hand, se ice
managemen li e a u e iews alue c ea ion and app op ia ion (and he i m’s
capabili y o i ) as he dis inc i e compe ence.
The e o e, om he exis ing li e a u e, we deduce ha cus ome alue can be
seen bo h om he cus ome ’s poin o iew and om he i m’s poin o iew,
bu an in eg a ed ision o bo h pe spec i es mus be es ablished in o de o
s udy cus ome alue. In his pape , we p opose a model ha links pe cei ed
alue, alue c ea ion and alue app op ia ion and demons a es ha i is his
ela ionship be ween he h ee iews ha eally c ea es alue o he se ice
cus ome .
I would be in e es ing o con inue in es iga ing in his same line bu ying o
include ideas such as hose o Va go and Lusch (2004), Lusch and Va go
(2006) and ollowe s. This would en ich he s udy.
6. ACKNOWLEDGEMENTS
The au ho s g a e ully acknowledge D . Cha les Ma in o hei cons uc i e
commen s on p e ious d a s o his manusc ip .
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