Developing an integrated vision of customer value

Article Title Page Developing an Integrated Vision of Customer Value Author Details Author 1 Name: Silvia Martelo Landroguez Department: Departamento de Administración de Empresas y Marketing University: Universidad de Sevilla Town/City: Sevilla State (US only): Country: Spain Author 2 Name: Carmen Barroso Castro Department: Departamento de Administración de Empresas y Marketing University: Universidad de Sevilla Town/City: Sevilla State (US only): Country: Spain Author 3 Name: Gabriel Cepeda-Carrión Department: Departamento de Administración de Empresas y Marketing University: Universidad de Sevilla Town/City: Sevilla State (US only): Country: Spain Corresponding author: Silvia Martelo Landroguez Corresponding Author’s Email: [email protected] Please check this box if you do not wish your email address to be published NOTE: affiliations should appear as the following: Department (if applicable); Institution; City; State (US only); Country. No further information or detail should be included Acknowledgments (if applicable): The authors gratefully acknowledge Dr. Charles Martin for their constructive comments on previous drafts of this manuscript. Biographical Details: [Author 1 bio] Silvia Martelo Landroguez is doing a Ph.D program in the Management and Marketing Department at the University of Seville. Her research topics are dynamic capabilities, market orientation, knowledge management, customer relationship management and customer value. [Author 2 bio] Carmen Barroso Castro is a Professor of Business Administration in the Management and Marketing Department at the University of Seville. At present, her main research topics are related to resource-based theory and customer value. [Author 3 bio] Gabriel Cepeda-Carrión is a Doctor in management. Currently, he is an associate professor in the Management and Marketing Department at the University of Seville. His research topics include organizational learning, knowledge management and qualitative and quantitative research methods. Type footer information here Type header information here Structured Abstract: Purpose: The aim of this paper is to contribute to the service management literature by identifying the possible relationship between customer value seen from the customer perspective and from the firm perspective, and its potential influence on the value created for the service customer. Design/methodology/approach: We propose that a relationship between the different perspectives exists and we will attempt to create an integrated vision of customer value. We have not found any papers which focus on the relationship between these different perspectives of customer value, and our aim is to fill this gap in the literature. Findings: Our proposed model shows that it is the relationship between customer value from the customer’s point of view and customer value from the firm´s point of view that really creates value. Practical implications: Our paper can influence the current service management of firms with regard to customer value creation in several ways. Originality/value: From the existing literature, we deduce that customer value can be seen as perceived value (the customer perspective) or as value creation and appropriation (the firm perspective). We propose these three types of value are equivalent in an important level and should be always interrelated. Keywords: Customer value, Perceived value, Value creation, Value appropriation. Article Classification: Conceptual paper For internal production use only Running Heads: 1 DEVELOPING AN INTEGRATED VISION OF CUSTOMER VALUE ABSTRACT: Purpose: The aim of this paper is to contribute to the service management literature by identifying the possible relationship between customer value seen from the customer perspective and from the firm perspective, and its potential influence on the value created for the service customer. Design/methodology/approach: We propose that a relationship between the different perspectives exists and we will attempt to create an integrated vision of customer value. We have not found any papers which focus on the relationship between these different perspectives of customer value, and our aim is to fill this gap in the literature. Findings: Our proposed model shows that it is the relationship between customer value from the customer’s point of view and customer value from the firm´s point of view that really creates value. Practical implications: Our paper can influence the current service management of firms with regard to customer value creation in several ways. Originality/value: From the existing literature, we deduce that customer value can be seen as perceived value (the customer perspective) or as value creation and appropriation (the firm perspective). We propose these three types of value are equivalent in an important level and should be always interrelated. KEY WORDS: Customer value, Perceived value, Value creation, Value appropriation. PAPER TYPE: Conceptual paper 1. INTRODUCTION 2 Understanding the value that customers perceive in an offer, creating value for them and then managing it over time, have long been recognized as essential elements of a firm’s business strategy (Drucker, 1985; Porter, 1985, 1998; Slater and Narver, 1998). Determining what the customer seeks from a service also helps a firm to formulate its value proposition. Porter (1985) notes that a firm’s competitive advantage stems from its ability to create value for its customers, which exceeds the firm’s cost of creating it (DeSarbo et al., 2001). ‘Customer value’ emerged in the 1990s as a growing topic of interest for firms, at both an academic and professional level. This concept is considered as one of the most significant factors for a firm’s success (Gale, 1994; Parasuraman, 1997; Woodruff, 1997; Zeithaml, 1988; Zeithaml et al., 1996) and has been highlighted as an important source of competitive advantage (Mizik and Jacobson, 2003; Spiteri and Dion, 2004; Woodruff, 1997). Customer value is also recognized as the fundamental basis of all service marketing activity (Holbrook, 1996) and is regarded as a critical strategic tool to attract and retain customers (Chen and Quester, 2006; Lee and Overby, 2004; Sánchez and Iniesta, 2006; Wang et al., 2004) as well as an indicator of repurchase intentions (Parasuraman and Grewal, 2000). In recent decades, firms have been operating in a new and complex competitive environment in which more and more customers are demanding the creation of value (Sánchez et al., 2009) and firms are increasingly regarding customer value as a key factor for seeking new ways to obtain and maintain a competitive advantage (Woodruff, 1997; Woodruff and Gardial, 1996). This has generated a growing interest in creating and delivering superior value to the customer (Smith and Colgate, 2007; Wang et al., 2004). The existing literature demonstrates that customer value can be viewed both from the customer’s point of view and from the firm’s point of view. Some authors focus on perceived value (the customer perspective), while others focus on value creation and appropriation (the firm perspective). But it is important to 3 find an integrated vision of both perspectives with which to study customer value. Therefore, we propose that a relationship between the different perspectives exists and we will attempt to create an integrated vision of customer value. We have not found any papers which focus on the relationship between these different perspectives of customer value, and our aim is to fill this gap in the literature. Our objective is to: a) identify the relationship between customer value from the customer’s point of view and customer value from the firm’s point of view, b) identify if there is an interaction between these points of view, c) produce a model that shows this potential relationship and d) demonstrate that it is this relationship that really creates value for service customers. To summarize, the aim of this paper is to contribute to the service management literature by identifying a possible relationship between customer value from the customer perspective and from the firm perspective, and the potential influence of this relationship on the value created for the customer. The remainder of the paper is organized as follows: first, we set out the theoretical context of this paper; second, building on the existing literature on perceived value and value creation and appropriation, we develop a model to link these concepts; and finally, the implications of the study are discussed. 2. THEORETICAL BACKGROUND 2.1. Points of view from which to study customer value The study of ‘customer value’ is complicated by the different meanings of the concept according to the point of view adopted. For example, Payne and Holt (2001) note that the term ‘customer value’ can be used in a variety of contexts. These include ‘customer-perceived value’, ‘creating and delivering customer value’ and ‘value of the customer’. We now go on to explain these three perspectives more fully: 4 1) Customer-perceived value: Traditionally, the principal mechanism for listening to the customer has been to measure satisfaction. Woodruff (1997) states that the measurement of satisfaction needs to shift towards a better understanding of what customers value in terms of which services help them to achieve their organizational goals and purposes. As a result, many researchers are now focusing on this extended view of customer-perceived value (Anderson and Narus, 1998; Butz and Goodstein, 1996; Parasuraman, 1997; Patterson and Spreng, 1997; Ravald and Grönroos, 1996; Slater, 1997; Woodruff, 1997; Woodruff and Gardial, 1996). In this way, customer value becomes a customeroriented concept. The customer’s perception of what is created and delivered should be established and borne in mind when the firm defines its value proposition (Payne and Holt, 2001). 2) Creating and delivering customer value: Customer value creation and delivery was the focus of much research during the 1990s (Band, 1991; Day, 1990; Gale, 1994; Naumann, 1995). This perspective focuses on the links between customer value, firm performance and competitive advantage and argues that a firm’s success depends on the extent to which it delivers what is of value to its customers (Payne and Holt, 2001). Naumann (1995) stresses that quality alone is not enough to guarantee a firm’s survival. This author states that the key success factor is the firm’s ability to create and deliver superior customer value compared to its competitors. 3) The customer’s value to the firm: Understanding customer value from the perspective of ‘the value of the customer to the firm’ has also received attention from researchers (Payne and Holt, 2001). This stream of research focuses on the value of the customer to the firm; considering it as an output, rather than an input, of value creation. As such, it focuses not on the creation of value for the customer but on the value outcome that can be derived from delivering superior customer value. According to Payne and Holt (2001), a key concept that forms part of this perspective is that of ‘customer lifetime value’. This perspective views customer value as the value that a firm can obtain from its customers (Woodall, 2003) and does not consider the value provided by the firm to its 5 customers. From an analysis of Payne and Holt’s (2001) description of this customer value perspective, we would venture that this refers to firm value appropriation. To the previous classification, we can add another carried out by Vargo and Lusch (2004). These authors posit a change in the marketing dominant logic. They propose to pass from a focus on tangible output with embedded value to a focus on dynamic exchange relationships that involve services in which value is cocreated with the costumer (Chan, Yim and Lam, 2010; Edvardsson, Tronvoll and Gruber, 2011). Depending on the dominant logic adopted, Vargo and Lusch (2004) propose two perspectives of value: 1) Traditional goods-centered dominant logic: Value is determined by the producer because it is embedded in goods. Value is defined in terms of ‘exchange-value’. 2) Emerging service-centered dominant logic: Value is perceived and determined by the customer on the basis of ‘value in use’. According to Vargo and Lusch (2004) and Lusch and Vargo (2006), firms can only offer value propositions; the customer must determine value and participate in creating it through the process of coproduction. Although we consider very interesting Vargo and Lusch’s (2004) ideas, this paper is based on a study of the three streams of investigation proposed by Payne and Holt (2001): perceived value; value creation; and value appropriation. In our opinion, Payne and Holt’s (2001) approach tends more toward our idea of value. On the one hand, service marketing literature focuses on the demand perspective of value: customer value and its perception, while on the other hand, service management literature views value creation and appropriation (and the firm’s ability to carry this out) as the distinctive competence. Our main objective is to connect both of these contributions. 6 2.2. Perceived value The value perceived by the customer has received a lot of attention from both academics and practitioners due to the importance of predicting purchase behavior and achieving competitive advantages (Bolton and Drew, 1991; Cronin et al., 2000; Dodds et al., 1991; Holbrook, 1994; Parasuraman et al., 1985; Zeithaml, 1988). It has also been characterized as the main outcome of marketing activity (Babin et al., 1994; Holbrook, 1994). According to Sánchez and Iniesta (2006), there are many terms that have been used to refer to perceived value, such as ‘judgment value’ (Flint et al., 1997), ‘shopping value’ (Babin et al., 1994), ‘consumption value’ (Sin et al., 2001; Sweeney and Soutar, 2001), ‘relationship value’ (Ravald and Grönroos, 1996), ‘product value’ (Bowman and Ambrosini, 2000), ‘service value’ (Bolton and Drew, 1991; Cronin et al., 2000), ‘desired value’ (Flint et al., 2002), ‘expected value’ (Van der Haar et al., 2001), ‘customer value’ (Woodruff, 1997), ‘consumer value’ (Holbrook, 1994), ‘perceived value’ (Agarwal and Teas, 2001; Zeithaml, 1988) or ‘received value’ (Flint and Woodruff, 2001). In the review of the perceived value literature, carried out by Woodall (2003), eighteen different terms were found to describe the idea of value from the demand side. In fact, different terms are used in the same paper by certain authors. According to Sánchez and Iniesta (2006), all of these terms refer to the same idea: the customer perception of value, but different terms have been used as a result of the study of value from different perspectives and in different contexts. 2.2.1. Difficulty of defining perceived value Despite the importance of perceived value, paradoxically, little interest has been shown in the understanding of its conceptual basis, compared to other variables such as price, quality or satisfaction (Sánchez and Iniesta, 2006). Although many authors point out the scarce and insufficient investigation into perceived 7 value (Bolton and Drew, 1991; Day and Crask, 2000; Dodds et al., 1991; Holbrook, 1994, 1999), the fact is that there are many papers, although these are quite dispersed and somewhat inconclusive (Sánchez and Iniesta, 2006). This phenomenon can be explained by the fact that perceived value is a complex (Lapierre, 2000; Ravald and Grönroos, 1996; Woodruff and Gardial, 1996), polysemic (Kashyap and Bojanic, 2000; Zeithaml, 1988), subjective (Babin et al., 1994; Woodruff and Gardial, 1996) and dynamic (Day and Crask, 2000; Naumann, 1995; Van der Haar et al., 2001) concept. According to Sánchez and Iniesta (2006), the complexity of this concept arises from its ambiguous interpretations (Khalifa, 2004; Van der Haar et al., 2001), its abstract sense (Dodds et al., 1991; Patterson and Spreng, 1997) and from variations in the perception of value by customers (Huber et al., 2001; Sinha and DeSarbo, 1998; Slater, 1997), within the same person (Chen and Dubinsky, 2003; Parasuraman, 1997) and in different situations (Holbrook, 1994, 1999; Lapierre, 2000; Woodruff, 1997). Although perceived value has often been defined as a trade-off between quality and price, many researchers note that perceived value is a more obscure and complex construct, which encompasses ideas such as price, quality and perceived benefits and sacrifices (Bolton and Drew, 1991; Holbrook, 1994), and a more specific investigation of its dimensionality is required (Sinha and DeSarbo, 1998). 2.2.2. Convergences and divergences in the definitions of perceived value Following several authors (Boksberger and Melsen, 2011; Cengiz and Kirkbir, 2007; Sánchez and Iniesta, 2006; Ulaga, 2003; Ulaga and Chacour, 2001; Woodruff, 1997), we identify a set of convergences and divergences in the different definitions of perceived value. Among the convergences, we would highlight the following: 14 competition by erecting barriers to imitation, for example, through brand-based advertising. In this case, the firm tries to extend the time its advantage persists (Mizik and Jacobson, 2003). Most firms avoid these extremes and opt for a strategy that balances the support given to value creation and appropriation. Along the same line, Tuominen (2004) views value creation as an organizational capability that, along with the value appropriation capability, is necessary to achieve a competitive advantage in the marketplace. The superiority of firms that lead the competition cannot be based solely on the creation of value; they also have to be able to appropriate the value created through market share and profits (Mizik and Jacobson, 2003; Tuominen, 2004). In any event, it is likely that these advantages would be temporary. Market dynamism and uncertainty provoke not only the need to create an ongoing new value, but also the need to maintain the value created in previous periods (Eisenhardt and Martin, 2000; Morrow et al., 2007; Sirmon et al., 2007). 2.3.3. Value creation and value appropriation capabilities Barroso and Ruiz (2010) argue that it is necessary to analyze how a firm uses its resources to create customer value (Adner and Zemsky, 2006; Priem, 2007; Sirmon et al., 2007; Srivastava et al., 2001). Barroso and Ruiz (2010) note that value creation has been very present in the field of firm strategy in general, and in the resource-based view (RBV) in particular, but it has been analyzed from an exogenous perspective. Therefore, one of the biggest criticisms made of the RBV is the scant attention paid to how resources generate value for customers (Sirmon et al., 2007; Srivastava et al., 2001; Zander and Zander, 2005). Value creation involves the development of a set of capabilities related to the creation and renovation of the routes to competitive advantage. On the other hand, value appropriation involves the development of a set of capabilities oriented to the extraction of benefits derived from value creation (Barroso and Ruiz, 2010). In other words, it focuses on the appropriation of market rents generated from the possession of specific differential resources or capabilities 15 (Mocciaro and Battista, 2005). For the appropriation of benefits to take place, isolating mechanisms that restrict competitive forces must be in place, since without them, there will be no incentives to create value for the customer (Mizik and Jacobson, 2003). In Mocciaro and Battista’s (2005) study, value creation refers to a firm’s role in the economic system in which it operates and involves the firm’s ability to perceive and implement new combinations of resources to allow new competences and knowledge to be developed and which increase the efficiency of the resources currently in use in the economic system. A firm’s technological capabilities, driven by R&D expenditures, have been linked to value creation (Mizik and Jacobson, 2003). As for the appropriation of value, several different capabilities exist to increase isolating mechanisms and these influence the length of time that a firm is able to earn economic profits. Accumulated assets, such as customer loyalty, serve as isolating mechanisms and influence the ability of competitors to dissipate a firm’s advantage. According to Mizik and Jacobson (2003), one key component of value appropriation capability of particular concern to service marketing managers relates to the effects of advertising. The firm’s ability to differentiate its offer through advertising facilitates value appropriation because it lengthens the duration of the competitive advantage (Mizik and Jacobson, 2003). 3. RESEARCH MODEL In this section of the paper, we will try to relate the two perspectives of customer value: perceived value (the customer perspective); and value creation and appropriation (the firm perspective). As a first approximation to the relationship between these three concepts, we propose the following figure: Figure 2. Customer value 16 As we see in Figure 2, we propose that the value cycle begins with the firm’s proposition of value (a). In fact, every firm has its own value proposition and its own expectation of value capture in the marketplace. We also propose that a firm must be able to create value (b) for its customers. To create value, a firm needs to have or develop a set of distinctive capabilities that allows it to stand out from the competition. We state that the proposition of value of each firm helps them to create value for its customers. But regardless of how much value a firm creates, if the customer does not perceive it (c), the firm is not creating value. If a firm creates value and the customer perceives it, the necessary next step is the firm’s appropriation of that created value. This is the reason why we propose that a feedback through the customer perceived value is required so that the firm could update and adapt its value proposition. As explained earlier in this paper, we argue that when the concept of ‘customer value’ is discussed, it is important to keep both the customers and the firm in mind, since the relationship between them is what gives rise to true value. What we try to achieve with our study is to find how the relationship between customer value from the customer perspective and from the firm perspective must be in order to improve the value created for the customers. Traditionally, value research has been focused on the evaluation of how firms create value for their customers and how customers perceive the superior value 17 of what the firm is offering, compared with the competition. In recent years, the emphasis has been on the need to consider customers as assets (Ulaga, 2001). This idea refers to the requirement that firms should be able to appropriate the value created. Although value appropriation is important, service managers cannot be focused exclusively on capturing exchange value while leaving it to chance that use value is experienced. Exchange value is the monetary amount realized at a single point in time when the exchange of the service takes place and use value consists of the specific qualities of the service perceived by customers in relation to their needs and the extent to which alternative services might meet those needs (Bowman and Ambrosini, 2000). Instead, an essential part of the service manager’s art is helping customers to perceive and experience maximum use value, in a competitive environment in which other firms are also struggling to help their customers (Priem, 2007). Furthermore, value creation alone is insufficient to achieve competitive advantage and financial success and therefore, firms without the ability to restrict competitive forces (e.g. erect barriers to imitation) are unable to appropriate the value that they have created (Grant, 1991; Teece et al., 1997). Indeed, there is little incentive for firms to engage in value creation in the absence of isolating mechanisms that prevent the immediate dissipation of the profits associated with a value-creating initiative (e.g. an innovation) (Mizik and Jacobson, 2003). Firms without the capabilities to restrict competitive forces are unable to appropriate the value they have created and so competitors and customers will claim it (Ghemawat, 1991). Mizik and Jacobson (2003) stress that value creation investment decisions cannot be divorced from those related to value appropriation, since countless examples exist of innovations that created enormous value, but where the innovating firm was unable to capture the surplus. According to these authors, firms that fail to pay sufficient attention to value appropriation cannot be expected to achieve sustained competitive advantage and capture the benefits from their value creation capabilities. 18 This idea is illustrated in the previous figure. In Figure 2, we try to show how the three views of value are equivalent for a firm in an important level and that all three should be interrelated. Similarly, Barroso and Ruiz (2010) note that, from a firm’s perspective, value creation starts generating value for the customers, which enables them to gain a competitive advantage, which in turn contributes to increased shareholder wealth (Priem, 2007; Sirmon et al., 2007). Therefore, a firm has to be able to create value for their customers. In order to create value, the firm needs to have or develop a distinctive set of capabilities that allows them to stand out from the competition (as discussed previously). This is where perceived value comes into play and with it, the role of the customer. Regardless of how much value a firm creates, if the customer does not perceive it, the firm is not really creating value. If, on the contrary, a firm creates value and the customer perceives it, the following step must be the appropriation of the value it has created. Just as when the firm creates value, firms need to have or develop a set of capabilities (as discussed above), such as barriers to imitation, in order to capture the value created. Figure 3 is a graphical explanation of the process we propose: Figure 3. An integrated view of customer value 19 As we have seen, we need to consider both the firm and its customers when discussing customer value, since true customer value develops from the relationship between them. For this reason, our proposed model includes the three value views as well as the relationship between them. We would argue that it is this relationship that really creates value. 4. IMPLICATIONS FOR RESEARCH AND MANAGEMENT The first implication for service research is that our paper shows the existence of different views and ways of thinking about customer value, depending on the point of view that is adopted; namely, perceived value (according to customer 20 perspective) and value creation and appropriation (according to the firm perspective). Secondly, we show the importance of linking the different views of customer value since, as we have stated before, what really creates value is the relationship between these viewpoints. Our paper contributes to the service literature on both value and firm management. Our paper can also influence the current service management of firms with regard to customer value creation. Firstly, we recommend that firms combine value creation and value appropriation rather than focusing on only one of these aspects. As we have discussed, both value creation and appropriation are required to achieve a sustainable competitive advantage (see Figure 1); the firm has to decide the extent to which one or other predominates. Secondly, and as a consequence of the previous idea, we outline the importance of analyzing how to divide a firm’s scarce resources between its value creation and appropriation capabilities. As we have discussed, a firm’s resources are limited and therefore, firms are forced to prioritize resource allocation between their value creation and value appropriation capabilities. Thirdly, we state the importance for firms to link value creation and customer perceived value. Firm value creation should be guided by the value perceived by the customers. Irrespective of how much value a firm creates, if customers do not perceive it, firms are not creating value. Lastly, our paper demonstrates a set of capabilities that can be used for firms to create value and to appropriate the value created. These capabilities can also be used as a reference for firms to develop other capabilities to facilitate their value creation and appropriation. 21 5. CONCLUSIONS AND FUTURE RESEARCH Understanding what customers value in an offer, creating value for them and then managing it over time, have long been recognized as essential elements of a firm’s business strategy. Customer value emerged in the 1990s as a topic of growing interest for the firms, both at an academic and a professional level. On the one hand, service marketing literature focuses on the demand perspective of value: customer value and its perception. On the other hand, service management literature views value creation and appropriation (and the firm’s capability for it) as the distinctive competence. Therefore, from the existing literature, we deduce that customer value can be seen both from the customer’s point of view and from the firm’s point of view, but an integrated vision of both perspectives must be established in order to study customer value. In this paper, we propose a model that links perceived value, value creation and value appropriation and demonstrates that it is this relationship between the three views that really creates value for the service customer. It would be interesting to continue investigating in this same line but trying to include ideas such as those of Vargo and Lusch (2004), Lusch and Vargo (2006) and followers. This would enrich the study. 6. 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