Multidimensional perspective of perceived value in industrial clusters

Purpose This paper aims to demonstrate that aspects of a rational or functional character and aspects of an emotional and social nature condition the perceived value of the exchange relationships among firms in an industrial cluster. Design/methodology/approach: The research uses structural equation models (SEM) to test the models and applies the maximum likelihood estimation method in all the causal models obtained in the course of the data analysis. Findings The results obtained support the hypotheses put forward, and in particular the importance of emotional and social values in industrial relations. Research limitations/implications Recent advances in consumer and services marketing consider that perceived value and satisfaction are central to explaining customer loyalty. However, very few studies in B2B explain the multidimensionality of perceived value. For this purpose, the authors test their working hypotheses in the Spanish ceramic tiles cluster. Specifically, they analyze the relationships between manufacturers and a supplier of frits, enamels and ceramic colors and related services. Practical implications An empirical study demonstrates that experience and interpersonal relationships are more important than price and switching costs in an industrial cluster context. The empirical study and the results provide evidence for managers: the critical influence of the emotional and social values perceived by the customer on his level of satisfaction and on the achievement of final loyalty. Originality/value The paper highlights the importance of the most intangible dimensions of value for the relations between companies in an industrial cluster.