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What is Integrated Consumer Perceived Value (ICPV)

Chapter 1
Handbook of Research on Retailer-Consumer Relationship Development
An all inclusive, abstract, aggregate value measure that a consumer perceived on a product and the marketing environment in which the product is sold. Integrated in the sense that the ICPV integrates or aggregates the utilitarian, hedonic and social values associated with the product and the marketing environment. The consumer will purchase the product if the ICPV (i) is positive; and (ii) equals or is greater than the perceived value of the price of the product.
Published in Chapter:
Customer Perceived Values and Consumer Decisions: An Explanatory Model
Philip Y. K. Cheng (Australian Catholic University, Australia)
Copyright: © 2014 |Pages: 12
DOI: 10.4018/978-1-4666-6074-8.ch001
Abstract
Building on findings from previous research on dimensions of Consumer Perceived Values (CPVs), an Integrated Consumer Perceived Value Model comprising utilitarian, hedonic, and social values is proposed to explain observed consumer decisions (viz. purchase or do not purchase), and to provide new frontiers for consumer behaviour research. The distinguishing if not innovative features of the proposed model are: (1) it provides a framework to investigate the competing, complementary, and compensating effects of the CPV dimensions; (2) it distinguishes the CPV dimensions that affect consumer decisions specifically and those that affect consumer decisions homogeneously; and (3) while some CPVs are generated and interact serially, other CPVs could be generated and interact in parallel.
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