The nexus of relationships between perceived customer value, customer satisfaction and repurchase intention : the case of luxury brands in Greece
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Keywords
Perceived customer value ; Customer satisfaction ; Repurchase intentions ; Customer loyalty ; Luxury brand managementAbstract
The aim of this study was to examine the nexus of relationships between perceived
customer value, customer satisfaction and repurchase intention. For the purposes of
the study, both quantitative and qualitative research were carried out. The quantitative
research was held in the form of a survey with questionnaires, which were personally
administered to 422 randomly chosen consumers (N=422). As far as qualitative
research is concerned, this was held in the form of semi-structured interviews with a
sample of convenience comprising of 8 participants (N=8). Based on the findings of
quantitative research first, research participants were not found to purchase luxury
products and brands to such a frequent extent. Regarding the factors of luxury products
and brands that participants emphasized on, design, brand name and durability were
found to be at the forefront, while their primary influence in purchasing such brands are
their social and working environment. Luxury brands offer them good value, they
characterized them as prestigious, but not reflecting a more modern way of life. The
social and environmental values of luxury brands were not exactly identified through
the results of quantitative research. Financial value was also not highly identified by
research participants, with the majority of respondents doubting about whether it is
worth paying such high prices, in order to purchase a luxury product – brand. Despite
the above, survey participants expressed a high level of satisfaction with luxury brands
being willing to purchase the same luxury brands in the future. Participants
acknowledged the fact that luxury brands are of high quality and superior to other
brands, most of them expressing a moderate satisfaction with the relationship they
have built with the luxury brands of their choice. Survey participants were also found to
be rational decision makers, seeking for information and comparing alternatives, before
they make their decisions about luxury brands, without being significantly influenced by
celebrities or advertising. Customer satisfaction fully mediates the relationship
between perceived customer value and repurchase intention.
As far as the results of qualitative research are concerned, research participants also
varied in their responses regarding their frequency of purchasing luxury brands, while in
principle they revealed that they seek for information, when purchasing luxury brands.
Product, design, packaging, quality and price were the most important characteristics
for them, when evaluating luxury products and brands, being mainly influenced by their
social environment, as well as advertising and celebrities. Price was perceived as a
majorly indicative attribute of luxury brands, but some participants perceived some
luxury brands as over-priced. Participants also named certain values as those
associated with luxury brands, with elegant and expensive lifestyle, as well as higher
social status, being at the forefront. Experience with luxury brands was something that
research participants valued to a big extent, indicating that purchasing a luxury brand is
more than just purchasing a product. They also admitted that they would purchase
luxury brands and actually the same brands in the future, while the feeling and intention
of being loyal to certain brands were not highly identified in the context of qualitativeresearch findings.
3
Traders of luxury brands shall pay huge attention to not sacrificing or undermining the
quality of their products for any reason, if they wish their target consumers to continue
purchasing their brands. If they want to pay attention to certain product attributes,
these would be product attributes, such as product design, packaging and durability.
Also, price is a considerable factor that consumers take into consideration. Given the
high connection between perceived customer value and satisfaction, it is very
important for luxury-brand designers and traders to focus on their cost structure, as a
means of being able to better justify premium pricing through quality, durability and
craftsmanship for their products and brands, in order to maintain the satisfaction of
their customers. This is very important, if traders wish to increase the loyalty of their
customers, which remains at relatively lower levels. Designers and traders of luxury
brands shall also pay a lot of attention to the maintenance of the social value of their
brands, paying attention to modernizing some features of their products and brands, as
a means of constituting their offerings as more up to date. At the same time, they also
need to emphasize on and promote their sustainability features to a bigger extent, using
more sustainable materials and production processes, as well as effectively and more
clearly communicating them to their target audiences. Future researchers could
conduct larger-scale research, as a means of increasing the reliability of findings.
Department
Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οικονομικής ΕπιστήμηςNumber of pages
172Language
EnglishCollections
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Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα