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.