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Efficiency and quality as economic dimensions of perceived value: Conceptualization, measurement, and effect on satisfaction


  • Sánchez-Fernández, Raquel
  • Iniesta-Bonillo, M. Ã ngeles


Perceived value has been analyzed from various perspectives, and a variety of typologies and dimensions have been suggested for the construct. Economic value is one of these types, which is posited in this study as being composed of two dimensions: efficiency and quality. Based on the typology of Holbrook [1999. Introduction to Consumer Value. In: Holbrook, M.B. (Ed.), Consumer Value. A Framework for Analysis and Research. London, pp. 1–28], the present study develops a conceptual framework and a measurement scale for these two components. The relationship between economic value and consumer satisfaction is also examined. The study also describes an empirical study that confirms the validity and usefulness of the proposed model. The results provide an operational tool for measuring economic value that will allow retailers to design suitable strategies for creating and delivering value to consumers. Furthermore, they demonstrate the usefulness of economic value as a concept in the study of consumer satisfaction.

Suggested Citation

  • Sánchez-Fernández, Raquel & Iniesta-Bonillo, M. à ngeles, 2009. "Efficiency and quality as economic dimensions of perceived value: Conceptualization, measurement, and effect on satisfaction," Journal of Retailing and Consumer Services, Elsevier, vol. 16(6), pages 425-433.
  • Handle: RePEc:eee:joreco:v:16:y:2009:i:6:p:425-433
    DOI: 10.1016/j.jretconser.2009.06.003

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    References listed on IDEAS

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    Cited by:

    1. Chai, Joe Choon Yean & Malhotra, Naresh K. & Alpert, Frank, 2015. "A two-dimensional model of trust–value–loyalty in service relationships," Journal of Retailing and Consumer Services, Elsevier, vol. 26(C), pages 23-31.
    2. Kamolsook, Apinya & Badir, Yuosre F. & Frank, Björn, 2019. "Consumers' switching to disruptive technology products: The roles of comparative economic value and technology type," Technological Forecasting and Social Change, Elsevier, vol. 140(C), pages 328-340.
    3. Héctor Marcos Pérez-Feijoo & Francisco José Martínez-López & Mercedes García-Ordaz, 2015. "Potential benefits of employee portals in public administrations: implementation and proactive behaviour towards the organization," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 1, pages 1-1, June.
    4. Carlson, Jamie & O’Cass, Aron & Ahrholdt, Dennis, 2015. "Assessing customers’ perceived value of the online channel of multichannel retailers: A two country examination," Journal of Retailing and Consumer Services, Elsevier, vol. 27(C), pages 90-102.
    5. Tournois, Laurent, 2015. "Does the value manufacturers (brands) create translate into enhanced reputation? A multi-sector examination of the value–satisfaction–loyalty–reputation chain," Journal of Retailing and Consumer Services, Elsevier, vol. 26(C), pages 83-96.
    6. Josep Crespo Hervás & Vicente Prado-Gascó & María Huertas González-Serrano, 2020. "Perceived Value in Sporting Events (PVSP): A Further Step for the Strategic Management," Sustainability, MDPI, Open Access Journal, vol. 12(14), pages 1-19, July.
    7. Iyer, Pramod & Davari, Arezoo & Mukherjee, Amaradri, 2018. "Investigating the effectiveness of retailers’ mobile applications in determining customer satisfaction and repatronage intentions? A congruency perspective," Journal of Retailing and Consumer Services, Elsevier, vol. 44(C), pages 235-243.
    8. El-Adly, Mohammed Ismail, 2019. "Modelling the relationship between hotel perceived value, customer satisfaction, and customer loyalty," Journal of Retailing and Consumer Services, Elsevier, vol. 50(C), pages 322-332.
    9. Rémi Mencarelli & Arnaud Riviere, 2015. "Perceived value in B2B and B2C: A comparative approach and cross-fertilization," Post-Print halshs-01157807, HAL.
    10. Luis Doña-Toledo & Teodoro Luque-Martínez & Salvador Barrio-García, 2017. "Antecedents and consequences of university perceived value, according to graduates: The moderating role of Higher Education involvement," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 14(4), pages 535-565, December.


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