Measuring customer-perceived value in business markets - A prerequisite for marketing strategy development and implementation

Delivering superior value to customers is an ongoing concern of management in many business markets of today. Knowing where value resides from the standpoint of the customer has become critical for suppliers. In this article, the construct of customer-perceived value is first assessed through a literature review. Then a multiple-item measure of customer value is developed, and our approach is illustrated by the marketing strategy development project of a major chemical manufacturer in international markets. The article finally discusses how the customer value audit can be linked to marketing strategy development and provides guidelines for managerial actions. (C) 2001 Elsevier Science Inc. All rights reserved.