The study of customer value (CV) is becoming significantly more important, both in re-search and in practice (DeSarbo et al. 2010). For example, the American Marketing As-sociation recently revised its definition of "marketing" to encompass the notion of cus-tomer value, and there have been important discussions in the literature about the dominant logic in the field and over the central role customer value plays (Vargo and Lusch 2004; American Marketing Association 2006; Flint et al. 2011). Identifying and creating CV is regarded as an essential prerequisite for long-term company survival and success (Porter 1996; Woodruff 1997; Huber et al. 2001; Payne and Holt 2001). Under-standing the way customers judge and value a service or product is crucial to achieving a competitive advantage. Scientists and practitioners have recognized the power of the CV concept in identifying value for customers and managing customer behavior (Johnson et al. 2006; Kothari and Lackner 2006; Setijono and Dahlgaard 2007). The goal of CV re-search is to describe, analyze, and make empirically measurable the value that compa-nies create for their customers and to link these insights to further marketing constructs. Recently, the research has also begun to link CV with concepts such as customer lifetime value (CLV) or customer equity in order to assess the return on marketing actions and the financial impact of CV on the company.
The value concept is one of marketing theory's basic elements. Identifying and creating customer value (CV) - understood as value for customers - is regarded as an essential prerequisite for future company success. Nevertheless, not until quite recently has CV received much research attention. Ideas on how to conceptualize and link the concept to other constructs vary widely. The literature contains a multitude of different definitions, models, and measurement approaches. This article provides a broad overview, analysis, and critical evaluation of the different trends and approaches found to date in this research field, encompassing the development of perceived and desired customer value research, the relationships between the CV construct and other central marketing constructs, and the linkage between CV and the company interpretation of the value of the customer, like customer lifetime value (CLV). The article concludes by pointing out some of the challenges this field of research will face in the future.
