Submitted by Pratik Shetty

Roll no. 047

Relative importance of service value by customer relationship stages

Bank reviews, ratings, and marketing communications play an important role in the rating process at
this stage. In the second stage of, the value of a bank is assessed based on physical evidence, the
quality of interaction with bank staff, the systems and processes used by the bank (Morgan, 2007;
Lähteen mäki and Nätti, 2013) with customers. Therefore, a literature stream was developed that
conceptualizes the perceived value as a multidimensional structure that includes multiple aspects of
both the practical and pleasurable aspects of the perceived value (Lapierre, 2000). Sweeney and
Souter (2001) improved the same, developed a 19-item PERVAL scale in the context of the product
brand, removed conditional values, and called certain cases of other types of values. Petrick (2002)
estimates an attempt to develop a perceived value scale in the service context, and empirically uses
the SERVPERVAL scale using quality, perceived monetary price, emotional response, behavioral
price, and reputation. Similarly, Cengiz and Kirkbir (2007) empirically extended the
SERVPERVAL scale by calculating the dimension of emotional value. Although scholars believe
that these measures make an important contribution to the value paradigm, the opposite study of
suggests that the dimension of service value is still a function of consumer choice and the service
environment investigated.
We have categorized the customer perceived value dimensions into three categories: Functional
value. is the result of using banking services based on brand quality, reliability, warranty,
additional services, and staff expertise. and the value savings that occur when customers find the
bank`s offer more cost effective than the competitors (better economic conditions, lower search and
information costs).
The main purpose of this white paper was to demonstrate the temporary importance of the value
dimension recognized by customers during the duration of the relationship. To determine this
phenomenon in a service environment, answers regarding different value dimensions were obtained
from customers of Indian banks at various relational stages. Our analysis reveals following results;
the value dimensions pertinent to the Indian banking context are customer intimacy, product
leadership, service equity, perceived sacrifice, service quality, and operational excellence.
Specifically, while the importance of technical quality, product leadership, and perceived sacrifice
are emphasized in the early stages of relationship which decelerating emphasis over a period time;
the importance of customer intimacy and service equity is not emphasized in the early stages of
relationship.

However, these dimensions become important in determining the overall perceived value during
the mature stages of relationship. This result also shows that customers appreciate the specific
aspects of value during the early phase of the relationship. The results also show that later in the
relationship, customers place greater emphasis on customer proximity and service fairness, but their
value cannot be specifically assessed. Quality of service and operational excellence in the retail
industry can serve as a preposition to core value, as customer expectations for these dimensions of
value do not change in hours.
 This phenomenon is also related by the fact that managers constantly inform and provide the
extraordinary performance of customers in these dimensions in order to improve the overall value of
perceived among their customers. The PERMAP results show that customers are emphasizing
specific aspects of value in the early stages of a relationship. Therefore, aspects of product
leadership, perceived sacrifice, and technical quality can form the basis for distinguishing
characteristics with the eyes of customers when establishing relationships with the company.
Therefore, managers are expected to develop marketing strategies that inform customers of the
bank`s superiority in providing services on a concrete level.

As customer relationships with banks mature, customers devalue important values and prefer
services based on value aspects that fall into the non-important / emotional realm. This paper
suggests that the emotional bond of 4,444 mature customers is visible through high service fairness
and customer proximity. A positive perception of the value of the service strengthens the emotional
bond between the service brand and the customer, and the customer has the brand name as a
heuristic showing credibility, perceived advantage, and greater profit. More specifically, managers
need to redesign service offerings to track customer behavior and personalize the service experience
through analysis of previous transactions, special inquiries, suggestions made and more.