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The link between perceived service value and customer satisfaction

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Abstract:

We advance a conceptual model that describes the mental mathematics by which customers compute their level of service satisfaction, incorporating three constructs: expected service consequences, perceived service consequences and perceived service value. The model integrates prospect theory, mental accounting and equity theory in order to enhance the theoretical understanding of customer evaluation processes and judgments in service consumption experiences. It conceptualises the relationship between particular combinations of expected and perceived consequences and perceived value as asymmetric and nonlinear, and suggests how the relationship between perceived value and customer satisfaction is modelled taking a distributive justice reasoning. Our work differs from existing frameworks in that we propose that (1) satisfaction judgments are affected by customer perceptions of service value, (2) these value perceptions increase with increases in initial expectations about service related consequences, and therefore (3) satisfaction actually increases with increases in these initial service related expectations.

Keywords: BEHAVIOURAL ECONOMICS; COGNITIVE PSYCHOLOGY; CUSTOMER SATISFACTION; SERVICE VALUE

Document Type: Research Article

DOI: http://dx.doi.org/10.1362/147539207X251040

Publication date: November 1, 2007

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