Consumer Perceived Value: Construct Apprehension and Its Evolution

Abstract

Marketing as a discipline has evolved over last ten decades from producing things, to things being produced, from selling to customers, to selling for customers and to selling with customers as a corporate citizen of the country. Two remarkable changes that are responsible for a paradigm shift in the core focus of marketing in the era of social Darwinism includes marketing as becoming more analytical and rigorous in nature and relationship oriented, focused on consumer perceived value (CPV), its creation, communication, delivery or co-creation by all in the value network.
Amidst these recent developments in marketing thought and theory, there is need for a periodic review of the intellectual progress for the strategic development of the discipline. Drawing on a diverse literature base, this research paper aims to delineate the concept of CPV by discussing and analyzing the existing knowledge of the definitions, dimensions and contribution so as to develop a chronological development profile of the same.