Past progress and future directions in conceptualizing customer perceived value

Purpose – To propose an alternative model specification for better conceptualizing the definition of a customer perceived value construct, and to discuss the theoretical justification of the model.Design/methodology/approach – The proposed model was elaborated based on theoretical contexts. Three models of different conceptualization specifications were estimated and compared with eTail service value survey data.Findings – Based on theory, perceived value should be conceived as a formative construct. The empirical results demonstrated different parameter estimates and thus conclusions are drawn from different conceptualization methods.Research limitations/implications – Future research is suggested to apply the proposed formative value model in other marketing settings, and to explore the role of consumer satisfaction in post‐purchase behavior.Practical implications – Marketing resources allocation and communication programs may be influenced due to different conceptualization methods of value construct a...