Value, Satisfaction, and Loyalty: An Evolving Conceptualization

Abstract

A little over a decade ago Taylor and Hunter (2003) reported an exploratory investigation into the relative roles of perceived value, satisfaction, trust, and brand attitude in explaining loyalty within the (B2B) eCRM industry in the Journal of Consumer Satisfaction, Dissatisfaction and Complaining Behavior. The following revisits the findings of this study in light of the many advances in service marketing theory since the article’s publication. An annotated literature review is presented that highlights the continuing evolution of the concept of “value” vis-à-vis loyalty and satisfaction research toward value co-creation consistent with the influential arguments of Vargo and Lusch’s (2004) service dominant logic (hereafter, SDL) and the service logic (hereafter, SL) perspective advocated by the Nordic School of Service Marketing (Gronroos 2008, 2011). The conclusions of this review include (1) the basic predictive relationships identified in Taylor and Hunter’s (2003) model appear supported by subsequent studies, however, (2) significant advances in service marketing theory are providing exciting new insights and avenues of inquiry in the areas of satisfaction and loyalty management.