From perceived value to customer loyalty behavioral intentions: a social exchange theory perspective on value-based selling

Abstract

Purpose Within today’s highly competitive and complex industrial marketing environment, value-based selling (VBS) has become an increasingly core strategy for companies to maintain a competitive edge. Nevertheless, existing research primarily adopts the supplier’s perspective and lacks a systematic exploration of the causal relationships in the VBS mechanism when viewed from the customer’s perspective. This study aims to examine how customer perceived value influences repurchase intention and word-of-mouth recommendation intention through the mediating roles of trust and relationship satisfaction. Design/methodology/approach Grounded in perceived value theory and social exchange theory, this study designs and validates a customer decision-making model. A survey was conducted among procurement managers in the machinery manufacturing industry was conducted, and structural equation modeling was employed for empirical analysis. Findings Customer perceived value has a significant positive impact on trust and relationship satisfaction, which, as mediators, significantly influence repurchase intention and word-of-mouth recommendation intention. Furthermore, serial mediation effects from perceived value through trust and relationship satisfaction to behavioral intentions are evident, underscoring sequential relational processes. Trust and relationship satisfaction play a partial mediating role between perceived value and customer behavioral intentions. Originality/value This study enriches the theoretical foundation of VBS and reveals the key driving factors and the underlying mechanisms in customer decision-making, providing practical guidance for industrial firms to develop value-based marketing strategies.