Perceived Value: Theoretical and Pragmatic Considerations

The concept of perceived value continues to be at the forefront of service marketing and academic research. An amount of literature on the study of perceived value and its measurement continues to be produced with new and extended theories being developed. A number of perceived value scales have been presented throughout time, often followed by debate and criticism. Despite this, three underlying elements of perceived value appear to remain constant: functional value, emotional value and social value. This paper adopts a recently developed perceived value scale (GLOVAL) which centres around the functional value, emotional value and social value elements and applies them to the tourism industry. In particular, a different method to the traditional use of Likert scales within perceived value measurement is proposed as another way for analysing tourists' perceptions of value and the importance of such a concept in moving the tourism industry from a high volume low yield business.