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Assistant Professor of Marketing,Department of Marketing,University of Kaiserslautern,Kaiserslautern,Germany Wolfgang Ulaga
Professor of Marketing,Head of Marketing Department,EDHEC
School of Management,Lille,France
Keywords Value,Customer satisfaction,Relationship marketing,
Business-to-business marketing
Abstract In recent years,there has been a resurgence of interest in the value constructamong both marketing researchers andpractitioners.Despite a growing body ofresearch,it is still not clear how value interacts with related marketing constructs.Researchers have called for aninvestigation of the interrelationship between customersatisfaction and customer value to reduce the ambiguities surrounding both concepts.Investigates whether customer value and satisfaction represent two theoretically andempirically distinct concepts.Also addresses whether value is a better predictor ofbehavioral outcomes than satisfaction in a business marketing context.Two alternativemodels are developed and empirically tested in a cross-sectional survey with purchasingmanagers in Germany.The first model suggests a direct impact of perceived value on thepurchasing managers'intentions.In the second model,perceived value is mediated bysatisfaction.This research suggests that value and satisfaction can be conceptualized andmeasured as two distinct,yet complementary constructs.

Introduction
During the last decade,there has been growing interest in the value constructamong both marketing researchers and practitioners(Sinha and DeSarbo,1998;Gale,1994).In 1991,a popular business magazine described customervalue as the``new marketing mania''(BusinessWeek,1991).Six years later,the Marketing Science Institute recognized value and related issues as aresearch priority.Since then,several international conferences and seminarshave given broader attention to this area of research.Customer value,however,is far from being a new concept to the marketingdiscipline.Though it did not attract much explicit attention until it became awatchword in the 1990s,value has always been``the fundamental basis forall marketing activity''(Holbrook,1994,p.22).The value concept is closelylinked to the exchange theory ofmarketing.According to this view,voluntary market exchange is a key constituent of the discipline(Alderson,1957;Kotler,1972;Houston,1987).Because voluntary market exchangeonly takes places when all parties involved expect to be better off after theexchange,perceived value is at the core of marketing.
Despite its pivotal role within the exchange concept of marketing,``only afew articles have studied perceived value as a focal construct''(Sinha andDeSarbo,1998,p.237).In business markets,researchers have mainly
focused on developing methods of value assessment for physical products
(Anderson and Narus,1999).Research on customer value in business-to-
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Value concept and
exchange theory of
marketing
BUSINESS&INDUSTRIAL MARKETING,VOL.17 NO.2/3 2002,pp.107-118,#MCB UP LIMITED,0885-8624,DOI 10.1108/08858620210419754 107
An executive summary for
managers and executive
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