The purpose of this article is to present a systematic review of the extensive research that has been conducted on the conceptualization of perceived value. The major conclusions of the present study are: (i) that both uni-dimensional and multi-dimensional models of value have their roles to play in providing simplified (uni-dimensional) and complex (multi-dimensional) understandings of the concept; (ii) that the nature of perceived value is complex and multi-dimensional; (iii) that the concept of perceived value implies an interaction between a consumer and a product; (iv) that value is relative by virtue of its comparative, personal, and situational nature; and (v) that value is preferential, perceptual, and cognitive-affective in nature. By organizing and synthesizing the major research streams and the individual studies within them, the present study thus provides a comprehensive framework for future studies of the dimensionality of perceived value.

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Consumer value has been widely recognised as a key factor in organisational management, marketing strategy and consumer behaviour. However, because of the scattered and non-conclusive pattern of research on this concept, no single conceptualisation or measurement has won universal acceptance. The present paper develops an approach to understanding and measuring consumer value in a service context. The psychometric properties of the resulting indices support the multidimensional structure of the value concept. Hence, through both theoretical and managerial implications, this study suggests directions for further empirical research on this important topic.

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