The Value of Marketing and the Marketing of Value in Contemporary Times- A Literature Review and Research Agenda

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Abstract

Over the last quarter of a century, it has become increasingly apparent that the traditionally accepted production based view of the value adding process is no longer realistic. Awareness of the value created through the provision of services and the increasing importance of services in the economic and business environment suggests that value can also be created through the consumption process. For marketers to use the value adding potential of consumption to fulfil the marketing concept, the nature of the process and the value created by it need to be investigated. This paper provides an overview of the changing business environment and its implications for our understanding of the concept of value. It examines the increasing interest in the literature in the concept of experiential value and highlights the problems caused by its very personal, idiosyncratic and situational nature; and, suggests a conceptual model around which research into the topic can be organised. Finally, it suggests a methodology for carrying out research that would provide some insight into the factors that cause consumers' perceptions of experiential value to vary so much.
LanguageEnglish
Pages343-361
JournalJournal of Marketing Management
Volume20
Issue number3-4
DOIs
Publication statusPublished - 2004

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Literature review
Marketing
Research agenda
Business environment
Consumer perceptions
Conceptual model
Economic environment
Marketing concept
Methodology
Nature
Marketers
Factors

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@article{51c2bab1cae646259c0d499c2ea7d7df,
title = "The Value of Marketing and the Marketing of Value in Contemporary Times- A Literature Review and Research Agenda",
abstract = "Over the last quarter of a century, it has become increasingly apparent that the traditionally accepted production based view of the value adding process is no longer realistic. Awareness of the value created through the provision of services and the increasing importance of services in the economic and business environment suggests that value can also be created through the consumption process. For marketers to use the value adding potential of consumption to fulfil the marketing concept, the nature of the process and the value created by it need to be investigated. This paper provides an overview of the changing business environment and its implications for our understanding of the concept of value. It examines the increasing interest in the literature in the concept of experiential value and highlights the problems caused by its very personal, idiosyncratic and situational nature; and, suggests a conceptual model around which research into the topic can be organised. Finally, it suggests a methodology for carrying out research that would provide some insight into the factors that cause consumers' perceptions of experiential value to vary so much.",
author = "Sharon Ponsonby-McCabe and E Boyle",
note = "Reference text: Aylott, Russell and Mitchell, Vincent-Wayne (1999), “An Exploratory Study of Grocery Shopping Stressors”, British Food Journal, September 1999 No. 9, pp.683-700 Band, William, A. (1991), Creating Value for Customers, New York, John Wiley and Sons Baker, Julie (1998), “Examining the Informational Value”, In: Servicescapes, The Concept of Place in Contemporary Markets, (Ed.), Sherry, John, F. Lincolnwood, NTC Business Books, pp.55-80 Baker, Julie, Parasuraman, A., Grewal, Dhruv and Voss, Glenn, B. (2002), “The Influence of Multiple Store Environment Cues on Perceived Merchandise Value and Patronage Intentions”, Journal of Marketing, April, No. 2, pp.120-140 Baudrillard, Jean (1981), For a Critique of the Political Economy of the Sign, St Louis, Telos Belk, Russell (1996), “On Aura, Illusion, Escape, and Hope in Apocalyptic Consumption”, In: Marketing Apocalypse, Eschatology, Escapology and the Illusion of the End, (Eds.), Brown, Stephen, Bell, Jim, and Carson, David (London), Routledge, pp.87-107 Bitner, Mary-Jo (1982), “Servicescapes: The Impact of Physical Surroundings on Customers and Employees”, Journal of Marketing, April, No. 2, pp.57-71 Brown, Stephen (1995), Postmodern Marketing, London, Routledge Brown, Stephen, Bell, Jim and Carson, David (1996), “Apocaholics Anonymous. Looking Back on the End of Marketing”, In: Marketing Apocalypse, Eschatology, Escapology and the Illusion of the End, (Eds.), Brown, Stephen, Bell, Jim and Carson, David, London, Routledge, pp.1-20 Brown, Stephen, Bell, Jim and Smithee, Alan (1997), “From Genesis to Revelation – Introduction to the Special Issue”, European Journal of Marketing, September/October, Nos. 9/10, pp.632-638 Downloaded by [University of Ulster at Coleraine] at 02:52 08 April 2013 358 Sharon Ponsonby and Emily Boyle Brown Stephen and Reid, R. (1997), “Shoppers on the Verge of a Nervous Breakdown”, In: Consumer Research: Postcards from the Edge, (Eds.), Brown, Stephen and Turley, Darach (London), Routledge, pp.79-149 Brown, Stephen (2001), “Torment Your Customers (They’ll Love It)”, Harvard Business Review, October, No. 9, pp.82-88 Buttle, Francis (1994), “Editorial – a New Paradigm Research in Marketing”, European Journal of Marketing, August-September, Nos. 8/9, pp.8-11 Campbell, Anthony (1975), The Mechanics of Enlightenment, An Examination of the Teaching of the Maharishi Mahesh Yogi, London, Victor Gollancz Ltd Campbell, Colin (1996), “Romanticism, Consumption and Introspection”, In: Consumption and Marketing: Macro Dimension, (Eds.), Belk, Russell, Dholakia, Nikhilesh and Venkatesh, Alladi (Cincinnati, Ohio), South- Western College Publications, pp.96-103 Carson, David, Gilmore, Audrey, Perry, Chad and Gronhaug, Kjell (2001), Qualitative Marketing Research, London, Sage Caruna, Albert, Money, Arthur, H. and Berthon, Pierre, R. (2000), “Service Quality and Satisfaction – the Moderating Role of Value”, European Journal of Marketing, November-December, Nos.11/12, pp.1338-1352 Christopher, Martin, Payne, Adrian and Ballantyne, David (1991), Relationship Marketing, Oxford, Heinemann Collier, David, A. (1991), “New Marketing Mix Stresses Service”, Journal of Business Strategy 1991, No. 2, pp.42-45 Cova, Bernard (1997), “Community and Consumption - Towards a Definition of the “Linking Value” of Product or Services”, European Journal of Marketing, April, Nos. 3/4, pp.297-316 Cova, Bernard (2003), “Analyzing and Playing with Tribes Which Consume”, Marketing Ed E-Commerce, pp.66-89 Eroglu, Sevgin and Harrell, Gilbert, D. (1986), “Retail crowding: theoretical and strategic implications”, Journal of Retailing, Winter, No. 4, pp.346-363 Firat, A. Fuat and Venkatesh, Alladi (1993), “Postmodernity: the Age of Marketing”, International Journal of Research in Marketing, August, No. 3, pp.227-49 Firat, A. Fuat and Venkatesh, Alladi (1996),“Postmodern Perspectives on Consumption”, In: Consumption and Marketing: Macro Dimension, (Eds.), Belk, Russell, Dholakia, Nikhilesh and Venkatesh, Alladi, Cincinnati, South-Western College Publications, pp.234-265 Firat, A. Fuat and Dholakia, Nikhilesh, (1998), Consuming People: From Political Economy to Theatres of Consumption, London, Routledge Foxall, Gordon and Goldsmith, Robert. E. (1994), Consumer Psychology for Marketing, London, Routledge Gale, Bradley (1994), Managing Customer Value. Creating Quality and Service that Customers Can See, New York, The Free Press Downloaded by [University of Ulster at Coleraine] at 02:52 08 April 2013 The ‘Value of Marketing’ and the ‘Marketing of Value’ 359 Gobe, Marc (2001), Emotional Branding: The New Paradigm for Connecting Brands to People, New York, Allworth Press Grant, John (1999), The New Marketing Manifesto; The 12 Rules for Building Successful Brands in the 21st Century, Orion Business Gr{\"o}nroos, Christian (1997), “Value-Driven Relational Marketing: From Products to Resources and Competencies”, Journal of Marketing Management, July, No. 5, pp.407-19 Gummesson, Evert (1997), “Relationship Marketing as a Paradigm Shift: Some Conclusions from the 30R Approach”, Management Decision, April, No. 4, pp.267-73 Hirschman, Elizabeth C. and Holbrook, Morris, B. (1982), “Hedonic Consumption: Emerging Concepts, Methods and Propositions”, Journal of Marketing, Summer, No. 3, pp.92-101 Holbrook, Morris B. (1994), “The Nature of Customer Value: An Axiology of Services in the Consumption Experience”, In: Service Quality: New Directions in Theory and Practice, (Eds.), Rust, Roland, T. and Oliver, Richard, L. (Thousand Oaks), Sage Publications, pp.21-71 Holbrook, Morris, B. (1995), Consumer Research. Introspective Essays on the Study of Consumption, London, Sage Holbrook, Morris, B. (1996), “On Eschatology, Onanist Scatology, or Honest Catology?”, In: Marketing Apocalypse, Eschatology, Escapology and the Illusion of the End, (Eds.), Brown, Stephen, Bell, Jim and Carson, David (London), Routledge, pp.237-259 Holbrook, Morris, B. (1999), Consumer Value. A Framework for Analysis and Research, London, Routledge Holbrook, Morris, B. and Hirschman, Elizabeth C. (1982), “The Experiential Aspects of Consumption: Consumer Fantasies, Feelings and Fun”, Journal of Consumer Research, September, No. 2, pp.132-140 Holt, Douglas, B. (1997), “How Consumers Consume: A Taxonomy of Consumption Practices”, Journal of Consumer Research, June, No. 1, pp.1-16 Hoyer, Wayne, D. and MacInnis, Deborah, J. (2001), Consumer Behavior, Boston, Houghton Mifflin Kotler, Philip and Armstrong, Gillian (1997), Marketing: An Introduction, 4th Edition, Upper Saddle River, Prentice Hall Marketing Science Institute, (1998-2000), Research Priorities: A Guide to MSI Research Programs and Procedures, Cambridge, MA, Marketing Science Institute McDonagh, Pierre, and Prothero, Andrea (1996), “Making a Drama Out of a Crisis”, In: Marketing Apocalypse, Eschatology, Escapology and the Illusion of the End, (Eds.), Brown, Stephen, Bell, Jim and Carson, David, London, Routledge, pp.44-65 Monroe, Kent B. (1990), Pricing. Making Profitable Decisions, 2nd Ed., London, Downloaded by [University of Ulster at Coleraine] at 02:52 08 April 2013 360 Sharon Ponsonby and Emily Boyle McGraw-Hill Muniz, Albert M. Jr. and O’Guinn, Thomas, C. (2001), “Brand Community”, Journal of Consumer Research, March, No. 4, pp.412-432 Naumann, Earl (1995), Creating Customer Value. The Path to Sustainable Competitive Advantage, Cincinnati, OH, Thomson Executive Press Parasuraman, A. (1997), “Reflections on Changing Competitive Advantage Through Customer Value”, Journal of the Academy of Marketing Science, Spring, No. 2, pp.154-161 Patterson, Anthony, Brown, Stephen, Stevens, Lorna and MacLaran, Pauline (1998), “Casting a Critical ‘I’ Over Caffrey’s Irish Ale: Soft Words, Strongly Spoken”, Journal of Marketing Management, October, No. 7, pp.733-748 Payne, Adrian and Holt, Sue (1999), “A Review of the Value Literature and Implications for Relationship Marketing, Australasian Marketing Journal, January, No. 1, pp.41-51 Pearsall, John (1998), New Oxford Dictionary of English, Oxford, Clarendon Press Peppers, Don and Rodgers, Martha (1995), “A New Marketing Paradigm: Share of Customer Not Market Share”, Planning Review, March/April, No. 2, pp.14 Piercy, Nigel, F. (1991), Market-led Strategic Change, London, Thorsons Pine, B. Joseph and Gilmore, James, H. (1999), The Experience Economy: Work is Theatre & Every Business a Stage, Boston, Harvard Business School Press Ravald, A. and Gr{\"o}nroos, Christian (1996), “The Value Concept and Relationship Marketing, European Journal of Marketing, April, No. 2, pp.19- 30 Robson, Ian and Rowe, Jim (1997), “Marketing - The Whore of Babylon?”, European Journal of Marketing, October, Nos. 9/10, pp.654-666 Schmitt, Bernd, H. (1999), Experiential Marketing: How to Get Customers to Sense, Feel, Think, Act, and Relate to Your Company and Brands, New York, Free Press Sherry, John F. (1998), “The Soul of the Company Store: Nike Town Chicago and the Emplaced Brandscape”, In: Servicescapes, The Concept of Place in Contemporary Markets, (Ed.), Sherry, John, F., Lincolnwood, NTC Business Books, pp.109-146 Solomon, Michael (1999), Consumer Behaviour, Buying, Having and Being, New Jersey, Prentice Hall Treacy, Michael and Wiersema, Fred (1994), The Discipline of Market Leaders, London, BCA Wolf, Michael (1999), Welcome to the Entertainment Economy, Penguin Books, London Woodruff, Robert, B. (1997), “Customer Value: The Next Source for Competitive Advantage”, Journal of the Academy of Marketing Science, Downloaded by [University of Ulster at Coleraine] at 02:52 08 April 2013 The ‘Value of Marketing’ and the ‘Marketing of Value’ 361 Spring, No. 2, pp.139-153 Woodruffe, Helen (1997), “Eschatology, Promise, Hope: the Utopian Vision of Consumer Research”, European Journal of Marketing, October, Nos. 9/10, pp.667-676 Zajonc, Robert and Marcus, H. (1982), “Affective and Cognitive Factors in Preferences”, Journal of Consumer Research, No. 9, pp.123-131 Zeithaml, Valerie A. (1988), “Consumer Perceptions of Price, Quality, and Value: A Means-end Model of Synthesis of Evidence”, Journal of Marketing, July, No. 3, pp.2-22 Uusitalo, Liisa (1996), “How to Study Imaginary Aspects of Consumption”, In: Consumption and Marketing: Macro Dimension, (Eds.), Belk, Russell, Dholakia, Nikilesh and Venkatesh, Alladi, Ohio, South-Western College Publications, pp.87-95",
year = "2004",
doi = "10.1362/026725704323080443",
language = "English",
volume = "20",
pages = "343--361",
journal = "Journal of Marketing Management",
issn = "0267-257X",
number = "3-4",

}

TY - JOUR

T1 - The Value of Marketing and the Marketing of Value in Contemporary Times- A Literature Review and Research Agenda

AU - Ponsonby-McCabe, Sharon

AU - Boyle, E

N1 - Reference text: Aylott, Russell and Mitchell, Vincent-Wayne (1999), “An Exploratory Study of Grocery Shopping Stressors”, British Food Journal, September 1999 No. 9, pp.683-700 Band, William, A. (1991), Creating Value for Customers, New York, John Wiley and Sons Baker, Julie (1998), “Examining the Informational Value”, In: Servicescapes, The Concept of Place in Contemporary Markets, (Ed.), Sherry, John, F. Lincolnwood, NTC Business Books, pp.55-80 Baker, Julie, Parasuraman, A., Grewal, Dhruv and Voss, Glenn, B. (2002), “The Influence of Multiple Store Environment Cues on Perceived Merchandise Value and Patronage Intentions”, Journal of Marketing, April, No. 2, pp.120-140 Baudrillard, Jean (1981), For a Critique of the Political Economy of the Sign, St Louis, Telos Belk, Russell (1996), “On Aura, Illusion, Escape, and Hope in Apocalyptic Consumption”, In: Marketing Apocalypse, Eschatology, Escapology and the Illusion of the End, (Eds.), Brown, Stephen, Bell, Jim, and Carson, David (London), Routledge, pp.87-107 Bitner, Mary-Jo (1982), “Servicescapes: The Impact of Physical Surroundings on Customers and Employees”, Journal of Marketing, April, No. 2, pp.57-71 Brown, Stephen (1995), Postmodern Marketing, London, Routledge Brown, Stephen, Bell, Jim and Carson, David (1996), “Apocaholics Anonymous. Looking Back on the End of Marketing”, In: Marketing Apocalypse, Eschatology, Escapology and the Illusion of the End, (Eds.), Brown, Stephen, Bell, Jim and Carson, David, London, Routledge, pp.1-20 Brown, Stephen, Bell, Jim and Smithee, Alan (1997), “From Genesis to Revelation – Introduction to the Special Issue”, European Journal of Marketing, September/October, Nos. 9/10, pp.632-638 Downloaded by [University of Ulster at Coleraine] at 02:52 08 April 2013 358 Sharon Ponsonby and Emily Boyle Brown Stephen and Reid, R. (1997), “Shoppers on the Verge of a Nervous Breakdown”, In: Consumer Research: Postcards from the Edge, (Eds.), Brown, Stephen and Turley, Darach (London), Routledge, pp.79-149 Brown, Stephen (2001), “Torment Your Customers (They’ll Love It)”, Harvard Business Review, October, No. 9, pp.82-88 Buttle, Francis (1994), “Editorial – a New Paradigm Research in Marketing”, European Journal of Marketing, August-September, Nos. 8/9, pp.8-11 Campbell, Anthony (1975), The Mechanics of Enlightenment, An Examination of the Teaching of the Maharishi Mahesh Yogi, London, Victor Gollancz Ltd Campbell, Colin (1996), “Romanticism, Consumption and Introspection”, In: Consumption and Marketing: Macro Dimension, (Eds.), Belk, Russell, Dholakia, Nikhilesh and Venkatesh, Alladi (Cincinnati, Ohio), South- Western College Publications, pp.96-103 Carson, David, Gilmore, Audrey, Perry, Chad and Gronhaug, Kjell (2001), Qualitative Marketing Research, London, Sage Caruna, Albert, Money, Arthur, H. and Berthon, Pierre, R. (2000), “Service Quality and Satisfaction – the Moderating Role of Value”, European Journal of Marketing, November-December, Nos.11/12, pp.1338-1352 Christopher, Martin, Payne, Adrian and Ballantyne, David (1991), Relationship Marketing, Oxford, Heinemann Collier, David, A. (1991), “New Marketing Mix Stresses Service”, Journal of Business Strategy 1991, No. 2, pp.42-45 Cova, Bernard (1997), “Community and Consumption - Towards a Definition of the “Linking Value” of Product or Services”, European Journal of Marketing, April, Nos. 3/4, pp.297-316 Cova, Bernard (2003), “Analyzing and Playing with Tribes Which Consume”, Marketing Ed E-Commerce, pp.66-89 Eroglu, Sevgin and Harrell, Gilbert, D. (1986), “Retail crowding: theoretical and strategic implications”, Journal of Retailing, Winter, No. 4, pp.346-363 Firat, A. Fuat and Venkatesh, Alladi (1993), “Postmodernity: the Age of Marketing”, International Journal of Research in Marketing, August, No. 3, pp.227-49 Firat, A. Fuat and Venkatesh, Alladi (1996),“Postmodern Perspectives on Consumption”, In: Consumption and Marketing: Macro Dimension, (Eds.), Belk, Russell, Dholakia, Nikhilesh and Venkatesh, Alladi, Cincinnati, South-Western College Publications, pp.234-265 Firat, A. Fuat and Dholakia, Nikhilesh, (1998), Consuming People: From Political Economy to Theatres of Consumption, London, Routledge Foxall, Gordon and Goldsmith, Robert. E. (1994), Consumer Psychology for Marketing, London, Routledge Gale, Bradley (1994), Managing Customer Value. Creating Quality and Service that Customers Can See, New York, The Free Press Downloaded by [University of Ulster at Coleraine] at 02:52 08 April 2013 The ‘Value of Marketing’ and the ‘Marketing of Value’ 359 Gobe, Marc (2001), Emotional Branding: The New Paradigm for Connecting Brands to People, New York, Allworth Press Grant, John (1999), The New Marketing Manifesto; The 12 Rules for Building Successful Brands in the 21st Century, Orion Business Grönroos, Christian (1997), “Value-Driven Relational Marketing: From Products to Resources and Competencies”, Journal of Marketing Management, July, No. 5, pp.407-19 Gummesson, Evert (1997), “Relationship Marketing as a Paradigm Shift: Some Conclusions from the 30R Approach”, Management Decision, April, No. 4, pp.267-73 Hirschman, Elizabeth C. and Holbrook, Morris, B. (1982), “Hedonic Consumption: Emerging Concepts, Methods and Propositions”, Journal of Marketing, Summer, No. 3, pp.92-101 Holbrook, Morris B. (1994), “The Nature of Customer Value: An Axiology of Services in the Consumption Experience”, In: Service Quality: New Directions in Theory and Practice, (Eds.), Rust, Roland, T. and Oliver, Richard, L. (Thousand Oaks), Sage Publications, pp.21-71 Holbrook, Morris, B. (1995), Consumer Research. Introspective Essays on the Study of Consumption, London, Sage Holbrook, Morris, B. (1996), “On Eschatology, Onanist Scatology, or Honest Catology?”, In: Marketing Apocalypse, Eschatology, Escapology and the Illusion of the End, (Eds.), Brown, Stephen, Bell, Jim and Carson, David (London), Routledge, pp.237-259 Holbrook, Morris, B. (1999), Consumer Value. A Framework for Analysis and Research, London, Routledge Holbrook, Morris, B. and Hirschman, Elizabeth C. (1982), “The Experiential Aspects of Consumption: Consumer Fantasies, Feelings and Fun”, Journal of Consumer Research, September, No. 2, pp.132-140 Holt, Douglas, B. (1997), “How Consumers Consume: A Taxonomy of Consumption Practices”, Journal of Consumer Research, June, No. 1, pp.1-16 Hoyer, Wayne, D. and MacInnis, Deborah, J. (2001), Consumer Behavior, Boston, Houghton Mifflin Kotler, Philip and Armstrong, Gillian (1997), Marketing: An Introduction, 4th Edition, Upper Saddle River, Prentice Hall Marketing Science Institute, (1998-2000), Research Priorities: A Guide to MSI Research Programs and Procedures, Cambridge, MA, Marketing Science Institute McDonagh, Pierre, and Prothero, Andrea (1996), “Making a Drama Out of a Crisis”, In: Marketing Apocalypse, Eschatology, Escapology and the Illusion of the End, (Eds.), Brown, Stephen, Bell, Jim and Carson, David, London, Routledge, pp.44-65 Monroe, Kent B. (1990), Pricing. Making Profitable Decisions, 2nd Ed., London, Downloaded by [University of Ulster at Coleraine] at 02:52 08 April 2013 360 Sharon Ponsonby and Emily Boyle McGraw-Hill Muniz, Albert M. Jr. and O’Guinn, Thomas, C. (2001), “Brand Community”, Journal of Consumer Research, March, No. 4, pp.412-432 Naumann, Earl (1995), Creating Customer Value. The Path to Sustainable Competitive Advantage, Cincinnati, OH, Thomson Executive Press Parasuraman, A. (1997), “Reflections on Changing Competitive Advantage Through Customer Value”, Journal of the Academy of Marketing Science, Spring, No. 2, pp.154-161 Patterson, Anthony, Brown, Stephen, Stevens, Lorna and MacLaran, Pauline (1998), “Casting a Critical ‘I’ Over Caffrey’s Irish Ale: Soft Words, Strongly Spoken”, Journal of Marketing Management, October, No. 7, pp.733-748 Payne, Adrian and Holt, Sue (1999), “A Review of the Value Literature and Implications for Relationship Marketing, Australasian Marketing Journal, January, No. 1, pp.41-51 Pearsall, John (1998), New Oxford Dictionary of English, Oxford, Clarendon Press Peppers, Don and Rodgers, Martha (1995), “A New Marketing Paradigm: Share of Customer Not Market Share”, Planning Review, March/April, No. 2, pp.14 Piercy, Nigel, F. (1991), Market-led Strategic Change, London, Thorsons Pine, B. Joseph and Gilmore, James, H. (1999), The Experience Economy: Work is Theatre & Every Business a Stage, Boston, Harvard Business School Press Ravald, A. and Grönroos, Christian (1996), “The Value Concept and Relationship Marketing, European Journal of Marketing, April, No. 2, pp.19- 30 Robson, Ian and Rowe, Jim (1997), “Marketing - The Whore of Babylon?”, European Journal of Marketing, October, Nos. 9/10, pp.654-666 Schmitt, Bernd, H. (1999), Experiential Marketing: How to Get Customers to Sense, Feel, Think, Act, and Relate to Your Company and Brands, New York, Free Press Sherry, John F. (1998), “The Soul of the Company Store: Nike Town Chicago and the Emplaced Brandscape”, In: Servicescapes, The Concept of Place in Contemporary Markets, (Ed.), Sherry, John, F., Lincolnwood, NTC Business Books, pp.109-146 Solomon, Michael (1999), Consumer Behaviour, Buying, Having and Being, New Jersey, Prentice Hall Treacy, Michael and Wiersema, Fred (1994), The Discipline of Market Leaders, London, BCA Wolf, Michael (1999), Welcome to the Entertainment Economy, Penguin Books, London Woodruff, Robert, B. (1997), “Customer Value: The Next Source for Competitive Advantage”, Journal of the Academy of Marketing Science, Downloaded by [University of Ulster at Coleraine] at 02:52 08 April 2013 The ‘Value of Marketing’ and the ‘Marketing of Value’ 361 Spring, No. 2, pp.139-153 Woodruffe, Helen (1997), “Eschatology, Promise, Hope: the Utopian Vision of Consumer Research”, European Journal of Marketing, October, Nos. 9/10, pp.667-676 Zajonc, Robert and Marcus, H. (1982), “Affective and Cognitive Factors in Preferences”, Journal of Consumer Research, No. 9, pp.123-131 Zeithaml, Valerie A. (1988), “Consumer Perceptions of Price, Quality, and Value: A Means-end Model of Synthesis of Evidence”, Journal of Marketing, July, No. 3, pp.2-22 Uusitalo, Liisa (1996), “How to Study Imaginary Aspects of Consumption”, In: Consumption and Marketing: Macro Dimension, (Eds.), Belk, Russell, Dholakia, Nikilesh and Venkatesh, Alladi, Ohio, South-Western College Publications, pp.87-95

PY - 2004

Y1 - 2004

N2 - Over the last quarter of a century, it has become increasingly apparent that the traditionally accepted production based view of the value adding process is no longer realistic. Awareness of the value created through the provision of services and the increasing importance of services in the economic and business environment suggests that value can also be created through the consumption process. For marketers to use the value adding potential of consumption to fulfil the marketing concept, the nature of the process and the value created by it need to be investigated. This paper provides an overview of the changing business environment and its implications for our understanding of the concept of value. It examines the increasing interest in the literature in the concept of experiential value and highlights the problems caused by its very personal, idiosyncratic and situational nature; and, suggests a conceptual model around which research into the topic can be organised. Finally, it suggests a methodology for carrying out research that would provide some insight into the factors that cause consumers' perceptions of experiential value to vary so much.

AB - Over the last quarter of a century, it has become increasingly apparent that the traditionally accepted production based view of the value adding process is no longer realistic. Awareness of the value created through the provision of services and the increasing importance of services in the economic and business environment suggests that value can also be created through the consumption process. For marketers to use the value adding potential of consumption to fulfil the marketing concept, the nature of the process and the value created by it need to be investigated. This paper provides an overview of the changing business environment and its implications for our understanding of the concept of value. It examines the increasing interest in the literature in the concept of experiential value and highlights the problems caused by its very personal, idiosyncratic and situational nature; and, suggests a conceptual model around which research into the topic can be organised. Finally, it suggests a methodology for carrying out research that would provide some insight into the factors that cause consumers' perceptions of experiential value to vary so much.

U2 - 10.1362/026725704323080443

DO - 10.1362/026725704323080443

M3 - Article

VL - 20

SP - 343

EP - 361

JO - Journal of Marketing Management

T2 - Journal of Marketing Management

JF - Journal of Marketing Management

SN - 0267-257X

IS - 3-4

ER -