These databases contains quality papers of reputed scholars which can be checked and authentic academic journals were available in it because of which review was based on these database as shown in table 1. These databases contain maximum amount of information that was required to do the research on management of customer value which made them the base of the review.

In first level of search provided 536 result. The important information extracted includes the document title, authors, and year of the article published, journals, databases. By these subset of papers and journals, 265 irrelevant journals and research papers were eliminated, which provided 271 papers and journals after initial screening of all the papers then available paper were divided in among four authors for further research to investigate the research been done on customer value . The authors foundsubstantial literature on customer value emergence and on creation of customer value but very few were available which talk about management of customer value. The connection between other marketing concepts with customer value gives another major opportunity in the area of theory development of customer value.

How is customer value created? What strategies can help in maintaining and managing the customer value? What is the difference between maintaining and managing the customer value? These are the key questions that need to be answered by an authentic research exclusively dealing with the management of customer value. Above questions are addressed by theoretical and empirical research which can reduce the ambiguities related with the two construct to understand their relationship with each other hence further research was required in the area of theory development of customer value.

Managers and researchers must understand how customers of different segments perceive customer value in different situations and use these experience to finalize their choice of product and services.

Many researchers and managers accepts the fact that value is an important element of the marketing strategy which helps an organization to provide superior value to the customers hence provide value to organization itself.So more work and research is required to link customer value and profitability.(Shun Yin Lam, 2004) How to access profitability with a marketing parameter? How to know the change in perceived value by the customer? How to prevent the change in customer perception? Some managerial tools have been made to help the practitioner to implement and design the strategies for marketing that is based on customer value and orientation and to make marketing plans.

For instance marketing information system can capture the information about perception change over a period of time. Hence more automated software and tools required to work and decide the marketing strategies related with customer value.

Systematic literature review results:

The 35 research papers referred to in the review were published between 2013 to 2017, with a stable,significant increase over these four-year’s time (Fig. 3), showing the similar interest in research on management of customer value. There was a constant rise in the number of research papers published on topic till 2016. The number of papers published till end of July 2017 is seven. Which explains interest of researchers in this area.

Figure 2. Number of Articles included and termed as Important

3. THE METHODOLOGICAL REVIEW:

This review is to describe the overview of methods used in the research in the field of customer value in holistic perspective. Excerpts of the relevant literature was extracted that contain the applied methods used in the articles. This research identified various methodologies categories namely (a) qualitative research where in different interviews and case studies were used (b) quantitative research based on survey(c) mixed methods which is a combination of quantitative and quantitative methods and (d) non empirical approach that contains data from conceptual papers and other research work by different authors.

In the relevant literature which was 35 articles we found 46% of the reviewed article was non empirical that makes number of article in this category equal to 16 articles and 7 articles was on qualitative approach contains 20% of the articles reviewed and 6 articles was on quantitative approach contains 17.14% of the article reviewed, and 6 article was based on mixed methods of quantitative and qualitative contains 17.14% of the article reviewed as mentioned in Table 2. There is dominance of non-empirical research approach whereas the other three approach were almost equally used by the researchers.

Table 2. Research methodologies approaches in relevant literature

Approaches	Number of Articles	Percentage
Non- empirical	16	45.72
Qualitative	7	20
Quantitative	6	17.14
Mixed Methods	6	17.14
Totals	35	100

Thematic Review:

The following themes were identified in the relevant literature which is the result of careful examining of abstract and research work of 35 articles with various key words to find the recurring themes. The themes that we came across during the review are perceived customer value, framework of customer value, customer value creation, managing customer value and diagnosing customer value. Managing customer value and creation customer value were the dominant theme with 12 and 10 articles respectively and followed by perceived customer value and developing framework of customer value with 6 and 4 articles respectively and then followed by diagnosing customer value with 3 articleas shown in the graph in figure3.

Figure 3. Main Themes of Customer Value

Customer Value Management

We found 12 papers related to customer value management. During the 1990s, the Quality Revolution primarily focused on the customers. Everything became about “the customer” and their “care” and giving an experience to the customer that could make him feel like a King. Most of the employees of various organizations were given a formal training in the customer care vertical. These measures improved the customer care over the years which in turn increased the expectation of the customers. Thus, making today’s era as the prime era for customer satisfaction.(Gosselin, 2006). Most of the organizations primarily focus on the customer care but failed to find what customers actually want. One such example is that of the warranty scheme provided by the automotive industry. While persuading potential customers, the automotive industry pitched in the warranty scheme provided by them on their products. But in reality, no logical and systematic customer would want to ever use this scheme. Hence, these types of mismatches gave rise to the concept of “Customer Value Management i.e. CVM”. The early phasesof CVM generally used rather a simple methods like standard five point Likertscale to measure the levels of satisfaction for a customer(Landroguez, 2011). These types of methods are useful during the initial phases but soon these methods fade out in serving their purpose because the scores get flat after repeating the method many times.

Customer Value Measurement at its basic levels means not just the satisfaction of customers but also includes the factors such as price and the benefits that the customer gets out of that product. Measuring the customer value management through the perception of customers towards your product or services also depends on how the customer is evaluating and thinking about the products and services of the companies or organizations that are your direct competitors as the decision of a customer buying your product or service depends upon the value that your competitor is providing to the customer. The variation of value shown in the figure 4.

To fulfil these approaches, companies or organizations generally try to find answers of following three questions:

1) What are the main criteria of a customer that makes them to buy our product or our competitors’ product?

2) What are the performance ratings that customers give to us or our competitors taking into consideration the main buying elements?

3) What is the importance of these key buying characteristics of Customer Value for a customer?

Figure 4. Value Map

Even these high levels of customer satisfaction methods does not concludes the CVM. The further refinement of CVM provide opportunity to the organizations to effectively improve factors like:

· To decide the area and nature of business the organization should be in,

· To measure the level of competition in the market,

· Arrangement of preferences wherein the capital has to be invested

· Asses and calculate the probable acquisitions

Thus, the CVM in modern days has become one of the most important strategy to reach the top of the market by delivering value to the customers, taking an extra leap of advantage in terms of strategy and also maximizing the profitability of the organization. The main problem associated with CVM is making he executives understand the importance and potentials of CVM. Most of the times, the executives do not understand the CVM properly and those who understand it partially fail to implement the same properly. In majority of the cases, most of the problems in any organization arises because of the non-existence of customer value management.

On the other hand, the positive side of the CVM is that it is really simple. The value map (Figure 1) below is quite easy to understand by any employee or customer: Even a basic training of CVM with hard relevant examples are capable of providing the insights of CVM within a small amount of time and thus can spread awareness amongst the employees for adhering to CVM.

The next step of this process is to prepare a proper plan of action to move ahead for improvement. The concept ‘value’ also takes into consideration several other factors as well like prioritization of funds for enhanced quality of service, various reports related to capital like income or expenditure reports. For example, a product of low value in a growing market has the capability of growth or if a product with scarce resource can be allocated capital on the basis of its value to the customer.

For successfully implementing CVM in any organization, it is important to make the employees understand the importance of this concept. Several techniques like organizing workshops, classes, making this concept a regular agenda in various meetings, conducting surveys etc.

Most of the important information is received by analysing and implementing the results of surveys conducted. These surveys are important in categorizing your customers, markets, where the profits, penetration are high, where the margins are low etc., all these types of questions are answered through these surveys. To effectively conduct the surveys, questions from following fields should be asked:

· If the standards of quality will be complied

· Minimizing sampling and non-sampling inaccuracies

· Work to be done by whom

· Additional services like updates, follow-ups etc.

In a nutshell, using all these techniques and taking into consideration all the positives and negatives, customer value management can be successfully implemented which has the capability of improving organizations reach to a customer and providing the customer best quality and satisfaction which is also called ‘value’.(Joona Keranen, 2014)

Customer Value Creation:

We found 10 articles containing customer value theme. Value creation systems and techniques depend on joining the assets and capacities of a firm. These assets and abilities are thought to be important, uncommon, incomparable, and non-substitutable in light of the fact that they give a manageable upper hand to a firm.

To build up a value-creation procedure, a firm should first distinguish what purposes of value their potential clients look for. Next, the firm builds up a pre-emptive methodology to give those advantages. A value creation structure ought to distinguish the different sorts of values.(Ulaga, 2001) With respect to value co-creation, a few researchers see utilitarian and hedonic values as two measurements. They have stretched out their scope of concentrate to the field of online networking and have executed some related exact looks into. In light of their exploration, researchers have concluded that data. Customer value creation alludes to the procedure by which makers and buyers, as associate subjects, co-make value for themselves and each other. In this co-creation process, these two subjects manufacture customized benefit encounter together through nonstop exchange and cooperation’s.(Mele, 2007)

The value creation structure proposed here spotlights on the creation of value from an open source plan of action point of view. The structure can be utilized as a part of no less than three ways. Initially, it can be utilized as a rule for customer value about makers to evaluate what purposes of value matter to customers. Second, it can be utilized by chiefs and pioneers of open source programming undertakings to decide the purposes of value that their items and offerings should concentrate on. Third, administrators and pioneers can utilize the customer value measurements laid out in the system to challenge along measurements other than cost.(Lam, 2004)

Perceived Customer Value:

Perceived Customer Value is thoughts and ideas about the product or services in the mind of customers which gives them perception about the result of using the product or service will provide the solution of their problems. Under this theme we found 6 papers. This expression states about the market and product of the organization, subsequently clients respond based on their decision about the product advertisement. Organization invest huge energy to get the knowledge about the market and to study the behaviour and feeling of customer. Customers see an incentive from products properties, from the outcomes of utilizing an item, and from whether they accomplish their coveted objectives. With the expectation of clearing up the diverse perspectives identifying with the esteem saw by the customer, and breaking down the normal purposes of the definitions given in the writing, we watch two vital qualities in client esteem. To start with, it is natural to the utilization of the product, which separates it from individual or authoritative values. Second, it is seen by customers, and can't be resolved unbiased by the dealer. (Xuefeng, 2015)

Customer perceived value is of developing interest both to specialists from various disciplines and to business experts. This paper receives an all-encompassing perspective of the esteem develop, drawing on writing from axiology, brain research, financial aspects and showcasing to reflect calls for more multidisciplinary look into in advertising and for more prominent amalgamation of research from differing zones.

Developing Customer Value:

We found 4 articles under this theme. Customer Value (CV) is one of the most important aspects of any industry today in order to succeed. Let us first understand what exactly Customer value is. CV can be used in a variety of contexts as following:

1) Customer perceived value:

One of the measures of value proposition is asking the customer what exactly they want and creating a sense of satisfaction about the product or service being provided. This helps in creating a perception in the mind of the customer about the value that they are getting for the price they pay for the product/service.

2) Creation and delivery of CV:

This has been proven many times that quality is not alone sufficient for the success of any industry. The success mostly depends upon the creation and delivery of best quality product/service in comparison with the top competitors of the market.

3) Value that customer has to a firm:

This type of research has given results wherein it has been seen that it is not just the value that an organization provides to a customer, in fact it is also important what value does a customer is providing to the organization. Consider this as an output and not just the input. The success of any industry also depends upon the value that a customer provides in return of the superior quality provided by the industry.(Landroguez, Developing an integrated vision of customer value, 2013)

In order to create value, the firm has to provide something that is distinct from the market competitors and has an added edge over the others. Then only a sense of value can be created. And this should be followed by perceived value in the customers. Again this should be checked by value appropriation. Hence, we can see that this cycle is very much important in creating as well as developing the customer value.(McMurrian, 2016)

Customer Feedback:

Under this topic we found 3 papers. Customer feedback is the important part in the customer value. In this we take hospital, tourism and public sectors feedback. In this concept first starting from tourist experiences and tested in their food and accommodation. They also measured the experience by emotion. First the study has conducted in the hotel or tourism field. The basic condition demonstrating was utilized to examine the information and test the connections between the construct. Customer feelings and assessments are seen to have a solid connection with consumer loyalty and client esteem.

Another example of feedback customer value is taken in the hospital. In this Input on problematic execution, Criticism on great execution is the two vital point are examined. Accordingly, a few members were exceptionally reluctant about giving criticism on imperfect execution, or kept away from it inside and out. Further to this, few members remarked that they would prompt a specialist not to choose them on the off chance that they would need to give criticism on poor execution. Giving formative feedback was seen to be especially difficult when the subject was a senior colleague.(Ruge, 2005)

Feedback on good performance, perceived to doctors disposition to focus on self-feedback and to reinforce positive aspects of behaviour. In this all members had reliably gotten high scores and as a result few raised the possibility of complacency. It acknowledge a confined point of view of information, and figures the distinctive between the normal satisfaction of the choice made without the information and the expected satisfaction of the most ideal choice in decision made in the wake of getting and examining the information. The expected satisfaction depend on probabilities and on formal probabilistic considering, and in this manner are important to examinations of offer costs, deals audits, and comparative circumstances. So in this the customer feedback is the important one. The present study is based on health performance of customer in the clinic. Present investigation are the apparent approach and the reasonable approach. The approach relies upon subjective valuation by customers of information, of the regard or beneﬁts of given information.

The third study in the public sector .A common opinion is that the purpose of Lean is waste reduction and elimination. These can be done by the feedback from the customer. Waste elimination is an important component of the Lean concept. If waste is reduced then the value of services for the customer will be increased. While others contend that it is a methodology for decreasing expenses and that the important concentration of Lean out in the public service is the lessening of expenses rather than the requirements and fulfilment of the customer value. Know the customers are as well as their expectations, requirements and value opportunities and developing by getting the feedback.(Zairi, 2012)

Customer feedback has seen open end commitment as a best practice, since it is more direct and fit for advising what we need to enhance and to be upgraded than analysis. Recognizing what traits ought to be enhanced for better client administration will give the better answer for the association. While customer may say their experience in their feedback, we concentrate on a negative feedback that will use to revise the data of item, which is specifically help us to come out from the negative value. This feedback is significant to give opportunities for benefit of the firm and quality change the organization. Finally the Complainers are expressing problems so the customer cannot accept this. So feedback will improve the customer experience.

4. LIMITATIONS:

1. This research was directed from the provider's point of view, and further study could develop the experiences on various customer value evaluation techniques by gathering dynamic information from the providers and their clients. In particular, clients' view of every methodology could reveal extra insight into the advantages and hindrances of embracing distinctive techniques.

2. There are gigantic contentions over the meanings of consumer value, satisfaction, and loyalty. Although set up measures from different investigations were received and confirmed, and the fulfilment build was additionally created, other estimation variants may yield diverse outcomes. For example, client dependability and saw esteem may comprise of different measurements. In this manner, additionally studies might be required as methods for embracing numerous dimensional measures to confirm the outcomes.

3. This research has exclusively examined the impact of customer commitment on customer value creation and stickiness, without considering the inspiration or driving components of customer commitment.

5. DIRECTIONS FOR FUTURE USE:

It was found that customer value is the fundamental construct creating theory in the marketing field. During review we found that the connection between customer value and other marketing variable were not clear. Research in creation of customer value has resulted in many enhanced form of services and product we see now but contribution to the management side of customer value is limited.

Some important suggestions can be drawn based on the thematic and methodological approach of the given review. It was found that most of the reviewed articles were based on the case study, which was based on the observations and feedback given by the customer. There is lot of scope for the further investigation of the interdependence of the customer value on behavior of the customer and interaction between the customer with the retailer which can be measured by developing various constructs measures and some theoretical prepositions that can be tested.(Ignacio Cepeda-Carriona, 2016)

It was found that there is a need of more research work in the field of theory generation for the provided theme in this paper which were identified by us during the research work. There is need of more theme that need to be find out to create testable constructs and which can provide measureable decisions or result. Since retail sector is booming very rapidly it is the need to create a proper construct that can relate all the themes identified in this paper and can show the relationship between each of the theme.

There is ecommerce that is growing very rapidly which lacks the touch and feel factor of retail sector this gives another scope for researchers to work in the direction of finding the construct that can relate retail and ecommerce sector with each other .

By finding more themes and construct related with customer value will create more opportunities for the top leader and management to use these tools to show effective leadership and better decisions.

6. CONCLUSION:

As of late, customers have turned into the focal point of consideration and in somehow every firm try to fulfil them. A few firms are advertise arranged keeping in mind the end goal to make prevalent customer value through the way of life and practices that this introduction advances. Understanding what customer value in an offer, making an incentive for them and after that overseeing it over the long run, have for quite some time been perceived as basic components of an association's business system. Along these lines, from the current writing, we reason that client esteem can be seen both from the client's perspective and from the association's perspective; however a coordinated vision of the two points of view must be set up keeping in mind the end goal to think about client esteem. Vital and intriguing finding of this examination is the observational evidence which exhibits that customer value adds to consumer loyalty which thus makes client dependability. It reasons that client esteem bring vital commitment to enhance client steadfastness. All things being equal, the calculated model of this paper gives a realistic and helpful system for seeing how interior clients determine and see an incentive inside the social scene of the firm.

7. REFERENCES:

1. Asma El Ouirdia, M. E. (2015). Employees' use of social media technologies: a. Behaviour and Information Technology, 2015, 12.

2. Gosselin, D. P. (2006). Strategic account management: customer value creation through customer alignment. Journal of Business and Industrial Marketing, 377-379.

3. Ignacio Cepeda-Carriona, S. M.-L.-R.-M. (2016). Critical processes of knowledge management: An approach towardthe creation of customer value. AEDEM Published by Elsevier España, S.L.U. , 7.

4. Joona Keranen. (2014). Three strategies for customer value assessment in business markets. Management Decision, 79-100.

5. Lam, S. S. (2004). Customer value, satisfaction, loyalty, and switching costs: an illustration from a business-to-business service context. Journal of the Acadamy of Marketing Science, 239-311.

6. Landroguez, S. M. (2011). Creating dynamic capabilities to increase customer value. Management Decision, 1141-1159.

7. Landroguez, S. M. (2013). Developing an integrated vision of customer value. Journal of Services Marketing, 234-244.

8. Lin, C.-Y. (2016). Perceived convenience retailer innovativeness: how does it affect consumers? Emerald Insight, 20.

9. McMurrian, R. C. (2016). Building Customer Value and Profitabilit with Business Ethics. Journal of Business and Economics Research, 79-92.

10. Mele, C. (2007). The synergic relationship between TQM and marketing in creating customer value. Managing Service Quality: An International Journal, 240-251.

11. Ruge. (2005). System and method for providing a unified customer feedback solution. U. S. Patent, 207-219.

12. Shun Yin Lam, V. S. (2004). Customer Value, Satisfaction,. Journal of the Academy of Marketing Science, pages 293-311.

13. Ulaga. (2001). Customer value in Business Market: an agenda for inquiry. Industrial Marketing Management, 315-319.

14. Xuefeng, F. L. (2015). Roles of perceived value and individual differences in the acceptance of mobile coupon application. Internet Research, 471-495.

15. Zairi, M. (2012). The art of benchmarking: using customer feedback to establish a performance gap. Total Quality Management, 177-188.

Received on 12.11.2017 Modified on 11.12.2017

Asian Journal of Management. 2018; 9(1):859-866.

DOI: 10.5958/2321-5763.2018.00136.1

Database	Scope and Search Criteria	Date of Search	No. of Papers
SCOPUS	Search: All Journals Criteria: Article Title, Abstract, Keywords Document type: Article	27^th July 2017	388
EBSCOHOST	Search: Abstract Source Type: Academic Journals Limited to: Library Collection	28^th July 2017	148
Total Papers			536