Although the majority of the researchers agree that perceived value should be considered as multi-dimensional construct.
As defined by Zeithaml (1988) that perceived value is “...
the consumer’s overall assessment of the utility of a product based on perceptions of what is received and what is given”.
It is considered as the main key to sustain the business especially in high market competition.
Consequently, understanding its dimensions and the influences on customer attitude and behavior becomes crucial for all marketers.
Based on the above arguments, it can be said that value should be viewed in more specific way rather than viewing it as the process of evaluation of preference attribute to achieve desired goal or purposes.
Thus there is a need for better conceptualization of value that can enable the researchers or the organizations to delve the specific component or dimension of value, or a framework that enables them to identify their position which can help them to form a better strategic based on the component or dimension of value that they feel their product has not yet fulfilled or lacking of. Utilitarian and Hedonic Model Holbrook and Hirschman (1982) had a notion that value should not only viewed from utilitarian perspective in which the product is valued based on its performance or functions, but also include the experiential perspective in which the product is valued based on the experience or the feeling arouse from consumption, including the symbolic and hedonic aspect.
It has been proven that the used of the concept of customer perceived value does not only result in creating more satisfied customer, but more importantly it is also found to have direct effect on customer repurchase intention and loyalty (Lin , 2005).
In simple words, the more benefits the product or the service offer, the more satisfied the customer, thus the higher chances that lead to positive behavior.
However this model fails to explain the various components or elements of value (Sanchez-Fernandez and Iniesta-Bonillo, 2007).
Besides that, it is difficult to identify what preference attribute that contribute to customer value, and what consequences they want.
The author would like to thank School of Graduate Studies (SPS) UTM and Research Management Centre (RMC) UTM for assisting this study financially.