Understanding the importance of communication in customer perceived value: an empirical examination of retail banks in Malaysia

Abstract

Effective communication generates significant benefits for both consumers and businesses. The importance of researching communications is often acknowledged in the marketing literature. However, the literature reveals that the precise nature of the relationships that exist between communication and understanding the each of the dimensions of consumer perceived value remains a key challenge for both academia and management alike. This study tries to explore how both personal and non-personal communication impact on customer perceived value dimensions of functional (product/service) and relational value. The study utilized the measurement of perceived value developed by Laiperre (2000) and tested on the retail banks in Malaysia. Finally, this study also discussed the way in which banks can effectively use these communication tools to develop strong customer perceived value.