Perceived Value and Brand Loyalty in Fine Dining Service

Value is central to any marketing exchange. Success in marketing is dependent upon the perception of value or the perceived value that a consumer derives from consumption. It is a ratio between what a consumer perceives he gives up in lieu of what he gets. The perception of value is likely to have an influence on satisfaction, which in turn is expected to influence loyalty. Accordingly, it can be proposed that consumer perceived value drives loyalty moderated by satisfaction. This study was undertaken with the specific aim of exploring this relationship in an industry specific context of fine dining. The study found that out of twelve perceived value dimensions, nine were found to be related to attitudinal brand loyalty. Three value dimensions namely experiential value, image value and functional value were found to be major predictors of brand loyalty.