Development of a ‘Consumer Perceived Value Scale’ (SPERVAL Scale) in the Context of Services Industry

Consumer Perceived Value (CPV) is the value derived from the consumption of a product or service. It is perception based and situational. It is said that ‘Value’ lies in the eyes of the beholder. This appreciation conceives CPV as a dynamic variable. This research paper substantiates the CPV construct by understanding the theoretical underpinnings, followed by constructing a scale based on empirical generalizations in the Fine Dining Services Industry context. The multidimensional SPERVAL (Services Perceived Value) scale so generated as a result of the blend of qualitative and quantitative research helps identify ‘Value Indicators’. The SPREVAL scale targets to analyze the consumer’s perceptions towards various dimensions and drivers of the construct. The SPERVAL scale has a variety of potential applications and can serve as a framework for further empirical research in this inevitable area.