Consumer perceived value The development of a multiple item scale in hospitals in the Indian context

Purpose - The purpose of this paper is to analyze the dimensionality of the consumer perceived value (CPV) concept, development of a CPV scale and its measurement in the Indian healthcare sector. Design/methodology/approach - The data on consumer perceived value are gathered from 515 inpatients. The scale development is performed through exploratory factor analysis, reliability and validity analysis, and confirmatory analysis. Findings - CPV scale in healthcare sector is a multidimensional scale represented by 27 items spread over six dimensions that are significant for consumer value measurement. The dimensions include acquisition value (AV), transaction value (TV), efficiency value (EV), aesthetic value (ESV), social interaction value (SI) and self gratification value (SG). Research limitations/implications - The study is theoretically limited to value and its antecedents. Research work on relationship of consumer perceived value with service quality, customer relationship management, internal marketing orientation, external marketing orientation and financial performance need to be pursued further for richer insight into the inter-related service marketing concepts. The study is limited to indoor patients only and the perceptions of employees and other stakeholders are important to understand their overall affect on CPV. Originality/value - The study has unique value to the healthcare literature, both from theoretical and managerial perspectives. The study produced a standardized scale of consumer perceived value which can be used in both public and private healthcare sectors. It incorporates valuation of functional and affective aspects, and provides overall quantification of the value perceived by Indian healthcare consumers.