Leroi-Werelds et al. (2014): Assessing the Value of Commonly Used Methods for Measuring Customer Value: A Multi-Setting Empirical Study
10 important questions on Leroi-Werelds et al. (2014): Assessing the Value of Commonly Used Methods for Measuring Customer Value: A Multi-Setting Empirical Study
What is the purpose of the paper by Leroi-Werelds et al. (2014)?
The primary objective of study is to compare four value measurement methods with regard to the following criteria
- Quantitative
- Psychometric properties (validity, reliability, etc.)
- Predictive ability (ability to predict key outcome variables)
- Subjective
- Practicality (ease of use and questionnaire length)
- Actionability (ease of information gathering and translation into actionable strategies)
What is Customer Value according to Zeithaml?
The consumer’s overall assessment of the utility of a product based on perceptions of what is received and what is given.
- It is perceived by the customer, personal, dependent of situation
What are the two main approaches for the operationalization of customer value?
- One-dimensional approach
- Customer value is single overall concept that can be measured by self-reported item that evaluates consumer’s perception of value
- Multi-dimensional approach
- Customer value as too complex to capture, consisting of several interrelated components/dimensions
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Which theory provides necessary theoretical background on how customers view products and what holds this theory?
- Attributes (quality of product processes)
- Consequences (quality of product delivers)
- Desired end-states (customers’ core values and goals in life)
What are the three key customer outcomes of value?
- Satisfaction
- Word of mounth
- Repurchase intentions
Which four measurement methods were compared?
- Woodruff and Gardial's methods
- Holbrook's method
- Gale's method
- Dodds et al's method
Which two hypotheses were formulated in the paper of Leroi-Werelds et al. (2014) and are they supported or not?
- H1: With regard to predictive ability, multi-dimensional value conceptualizations perform better than one-dimensional value conceptualizations.
- H2: With regard to predictive ability, value conceptualizations that assess benefits and sacrifices at the consequence level perform better than value conceptualizations that do not assess benefits and sacrifices at the consequence level.
- Both hypotheses are supported
Explain the framework provided in the paper of Leroi-Werelds et al. (2014).
What are the main results of the paper by Leroi-Werelds et al. (2014)?
Psychometic properties
- Favourable for all methods, except Dodds et al
- Woodruff & Gardial (low involvement think offering) and Holbrook (high involvement think offering) are the best methods
- Dodd's et al method is the best
- Favourable for all methods, except for Dodds et al
General
- The best performing methods are consequence-based en multidimensional
- Dodds et al should only be used for feel product
What is the main conlcusion of the paper by Leroi-Werelds et al. (2014)?
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