Consumer perceived value formation process : lesson from developing country

Results of this study substantially contribute to theoretical and managerial understanding of consumer value formation process. At the theory level, this study has produced greater understanding of the variables that appear to be most responsible in structuring consumer perceptions of value. In other words, the model as a whole means that when a consumer evaluates the value of a product, s/he may retrieve the constructs directly related to value and some cues determine those constructs. For example, in the deliberation of a computer, the first evoked constructs (cues) might include perceived quality, risk and sacrifice. Thus, rather adopting arbitrarily the determinants of perceived value, the result of the model fit denotes that it is important to account all the potential variables in a research setting to assess consumer perception of value. Finally, because the investigation of consumer perception of value is crucial to both researchers and marketers, this study has emphasized that much additional research remains before a thorough understanding of perception of value can be achieved. Thus, this research indicates that there is great potential for developing more sophisticated models of consumer value formation process. By building on the substantial search literature already available and by incorporating important variables our understanding and the perceptions of value process to provide substantial insights into consumer decision-making will be greatly enhanced. It is hoped that the proposed relationships and accompanying tests will stimulate work in the area of perceived value,