Leroi-Werelds et al. (2014): Assessing the Value of Commonly Used Methods for Measuring Customer Value: A Multi-Setting Empirical Study
10 important questions on Leroi-Werelds et al. (2014): Assessing the Value of Commonly Used Methods for Measuring Customer Value: A Multi-Setting Empirical Study
What is the purpose of the paper by Leroi-Werelds et al. (2014)?
The primary objective of study is to compare four value measurement methods with regard to the following criteria
- Quantitative
- Psychometric properties (validity, reliability, etc.)
- Predictive ability (ability to predict key outcome variables)
- Subjective
- Practicality (ease of use and questionnaire length)
- Actionability (ease of information gathering and translation into actionable strategies)
What is Customer Value according to Zeithaml?
The consumer’s overall assessment of the utility of a product based on perceptions of what is received and what is given.
- It is perceived by the customer, personal, dependent of situation
What are the two main approaches for the operationalization of customer value?
- One-dimensional approach
- Customer value is single overall concept that can be measured by self-reported item that evaluates consumer’s perception of value
- Multi-dimensional approach
- Customer value as too complex to capture, consisting of several interrelated components/dimensions
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
Which theory provides necessary theoretical background on how customers view products and what holds this theory?
- Attributes (quality of product processes)
- Consequences (quality of product delivers)
- Desired end-states (customers’ core values and goals in life)
What are the three key customer outcomes of value?
- Satisfaction
- Word of mounth
- Repurchase intentions
Which four measurement methods were compared?
- Woodruff and Gardial's methods
- Holbrook's method
- Gale's method
- Dodds et al's method
Which two hypotheses were formulated in the paper of Leroi-Werelds et al. (2014) and are they supported or not?
- H1: With regard to predictive ability, multi-dimensional value conceptualizations perform better than one-dimensional value conceptualizations.
- H2: With regard to predictive ability, value conceptualizations that assess benefits and sacrifices at the consequence level perform better than value conceptualizations that do not assess benefits and sacrifices at the consequence level.
- Both hypotheses are supported
Explain the framework provided in the paper of Leroi-Werelds et al. (2014).
What are the main results of the paper by Leroi-Werelds et al. (2014)?
Psychometic properties
- Favourable for all methods, except Dodds et al
- Woodruff & Gardial (low involvement think offering) and Holbrook (high involvement think offering) are the best methods
- Dodd's et al method is the best
- Favourable for all methods, except for Dodds et al
General
- The best performing methods are consequence-based en multidimensional
- Dodds et al should only be used for feel product
What is the main conlcusion of the paper by Leroi-Werelds et al. (2014)?
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
