For more than 50 years, investigating perceived value (PV) has been a continuing concern within academic consumer behaviour and marketing research, garnering the interest of scholars across the globe. Despite this continued appeal, PV literature is brimming with fragmented, contradictory and inconclusive views regarding value conceptualisation.  Underscoring the call by scholars for a more holistic PV conceptualisation and operationalisation, this study develops the 2 (cognitive vs. affective) x 2 (internal vs. external) matrix model by employing the integrated approach and redefining and extending existing PV models. More precisely, this thesis consolidates the Groth (1995)'s EVP model, Sweeney and Soutar (2001)'s PERVAL scale, and Woodruff (1997)'s value hierarchy, into the proposed second-order PV model, thereby explicitly capturing Goal-relevance as the fifth dimension of PERVAL scale. Consequently, the main contribution of this study is to develop a more integrative, comprehensive and practical conceptualisation and its operationalisation, that can holistically capture the complexity of PV.

Furthermore, adhering to the dual-perspective of PV, this thesis also endeavours to incorporate the proposed second-order 2x2 model in the PV-loyalty chain. More specifically, there is, to the best of author’s knowledge, no studies that have specifically explored the effects of the second-order (cognitive-affective) components of PV on the duality of loyalty, making it difficult for managers to determine and identify specific PV components contributing the most for intended loyalty outcomes. Consequently, in revisiting the higher-order conceptualisation of PV and loyalty, this thesis adds to previous works by empirically investigating second-order PV conceptualisation and its distinctive influences on cognitive and affective loyalty.

This thesis follows the multi-method approach, wherein, Phase 1 or the exploratory stage, consists of two sequential studies (quant->qual), and Phase 2 or confirmatory stage, implements a quantitative online survey. The exploratory part of this study (phase 1) resulted in several interesting findings and culminated in a tentative affirmation of the proposed conceptualisation and operationalisation (2x2 matrix model). Supported by empirical investigations of Phase 1, the conceptual model is developed for Phase 2 to investigate the effects of cognitive and affective PV on cognitive and affective loyalty. Based on the CFA model, all PV dimensions (including proposed goal-relevance dimension) were found to be loading significantly on the second order components (cognitive, affective, internal and external). The SEM analysis reveals that all dimensions (including goal-relevance) have a significant effect on loyalty. More specifically, the proposed direct sequential relationships of cognitive PV on cognitive loyalty and affective PV on affective loyalty were supported by empirical results. The results also show significant evidence of the direct positive influence of goal-relevance on cognitive loyalty. This implies that comparatively speaking; goal-relevance outperformed the dimensions of PV in influencing the cognitive loyalty. These findings are relevant for practitioners and scholars alike.