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Woodall, T. (2003). 'Conceptualising 'Value for the Customer': An Attributional, Structural and Dispositional Analysis'. Academy of Marketing Science Review 2003: 1.
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The term 'customer value' is used within the marketing literature to portray both what is derived by the customer from the supplier, and also what is derived by the supplier from the customer. This latter property is now referred to as 'customer lifetime value' (CLV), but there is no agreement on a distinct name for the former. The author, therefore, has chosen the term 'Value for the Customer' (VC) to represent all similarly associated, demand-side notions of value. Recent investigations imply that VC is of increasing interest to marketers, both practicing and academic. However, although the notion of VC is not new, the marketing literature offers little evidence to imply that anything by way of conceptual consensus exists. It remains, therefore, an area of continuing ambiguity, subject to both empirical and speculative enquiry, but with no clear theoretical anchor. This paper attempts to provide such an anchor, primarily by exploring current diversity of thought and then seeking to rationalize, clarify and classify extant ideas to create a coherent VC domain.