Customer perceived value: a substitute for satisfaction in business markets?

In recent years, there has been a resurgence of interest in the value construct among both marketing researchers and practitioners. Despite a growing body of research, it is still not clear how value interacts with related marketing constructs. Researchers have called for an investigation of the interrelationship between customer satisfaction and customer value to reduce the ambiguities surrounding both concepts. Investigates whether customer value and satisfaction represent two theoretically and empirically distinct concepts. Also addresses whether value is a better predictor of behavioral outcomes than satisfaction in a business marketing context. Two alternative models are developed and empirically tested in a cross‐sectional survey with purchasing managers in Germany. The first model suggests a direct impact of perceived value on the purchasing managers’ intentions. In the second model, perceived value is mediated by satisfaction. This research suggests that value and satisfaction can be conceptualized and measured as two distinct, yet complementary constructs.