Positive outcomes of loyalty programs are clear for firms, yet little research examines customer perceptions. To address this gap, this article investigates various perceived benefits of loyalty programs using a multi-benefit framework based on utilitarian, hedonic, and relationship literature. Two quantitative studies, involving 658 French members of loyalty programs, provide a 16-item scale that measures five types of perceived benefits: monetary savings, exploration, entertainment, recognition, and social benefits. The five dimensions have different impacts on satisfaction with the program, loyalty to the program, and perceived relationship investment of the firm. This article offers a discussion of the theoretical and managerial implications of these findings for relationship marketing strategies.

Cet article dresse un bilan d'un ensemble de recherches menées à ce jour dans le domaine du risque perçu en psychologie du consommateur. Le concept de risque et les méthodes de mesure font l'objet d'une première partie. Les antécédents, regroupés en trois ensembles selon qu'ils sont liés à l'individu, au produit ou à la situation d'achat, sont ensuite présentés. La question du statut théorique de la variable de risque en psychologie du consommateur est finalement soulevée. L'auteur conclut sur les voies de recherches envisageables.

The short-term effect of store-level promotions (weekly flyers, radio and outdoor advertising) on grocery store choice is investigated. We estimate household-level multinomial logit models of store choice on panel data, using promotional variables, loyalty and psychographic moderating variables. The research shows that the short-term effect of store-level promotions on store choice is significant but weak: store choice is mainly driven by loyalty. While we fail to demonstrate the moderating role of psychographic variables (involvement toward shopping, attitude toward the purchase of products on promotion, search for promotional information), however, the quasi-moderating role of loyalty is clearly validated. From a managerial point of view, adapting store-level promotions to individual characteristics does not seem to be relevant. Nevertheless, further research should be conducted in order to take into account the potential interactive effects of individual variables in a more systematic way, for example though a latent class analysis.

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