Hradec Economic Days 2012

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1 The International Conference Hradec Economic Days 2012 Economic Development and Management of Regions Hradec Králové, January 31th and February 1st, 2012 Peer-Reviewed Conference Proceedings Part II. Hradec Králové Gaudeamus 2012

2 Edited by Pavel Jedlička. The publication is under no linguistic supervision. ISBN

3 CONTENT PREFACE... 7 THE ACCEPTANCE OF CREDIT CARDS IN BIG AND SMALL ECONOMIES: A COMPARISON BETWEEN GERMANY AND SLOVAKIA Tomáš Bálint, Martin Esser... 9 STATE AID AS A TOOL FOR IMPLEMENTATION OF THE STRATEGY "EUROPE 2020" Bartosz Bartniczak BANKING MARKETING IN CUSTOMER VALUE CREATION MARKETING BANKOWY W KREOWANIU WARTOŚCI DLA KLIENTA Dorota Bednarska-Olejniczak...20 FUNDING OF PENSION PROTECTION Adam Borovička, Petr Mynařík, Petr Fiala THE ADOPTION AND USE OF ERP SYSTEMS IN SMALL-MEDIUM AND LARGE COMPANIES Domenico Consoli IMPACT OF TAX EXPENDITURES ON BUDGET REVENUES IN POLAND Ryta I. Dziemianowicz LINEAR MODELS IN REVENUE MANAGEMENT Petr Fiala INNOVATIVENESS AS THE CHANGE FOR INCREASING COMPETITIVENESS OF SMALL AND MEDIUM ENTERPRISES Paulina Filip ENERGY INTENSITY OF GDP IN THE LIGHT OF ENERGY POLICY OBJECTIVES IN POLAND UNTIL 2030 Krzysztof Adam Firlej DECONSUMTION AND THE STANDARD OF LIVING IN THE ASPECT OF SOCIAL COHESION IN THE EUROPEAN UNION Anna Gardocka-Jałowiec SELECTED MODELS USED TO STOCK VALUATION BASED ON EARNINGS OR ON DIVIDENDS Radim Gottwald CLUSTERS - NEW POSSIBILITIES OF DEVELOPMENT OF ENTERPRISES Mariola Grzebyk TAX COMPETITION AND DEVELOPMENT OF REGIONS Ladislav Hájek

4 INTERNATIONAL JOINT VENTURE: THE NEW WAY OF THINKING FOR THE BUSINESS SUCCESSION A. Chamaru De Alwis MEASURING OF THE LEADERSHIP POTENTIAL OF CORPORATE MANAGERS THROUGH EMOTIONAL INTELLIGENCE Chandana Jayawardena NEW WAYS OF MEASURING THE QUALITY OF LIFE Bogusław Adam Chmielak PARTICIPATION OF PUBLIC CONSUMPTION IN THE STRUCTURE OF THE GROSS DOMESTIC PRODUCT FOR THE CZECH REPUBLIC, POLAND AND SLOVAKIA Andrzej Krowiak METHODS OF MEASURING THE ECONOMIC VALUE OF PUBLIC SPACES Jerzy Ładysz INSTITUTIONS AND THEIR INFLUENCE ON EVALUATION OF THE INTERNATIONAL COMPETITIVENESS OF POLISH ECONOMY Justyna Łapińska ECONOMIC SITUATION AND ITS IMPACT ON THE ICT SECTOR Petra Marešová MARKETING ASPECTS OF CLUSTERS DEVELOPMENT BASED ON UNDERWEAR CLUSTER IN PODLASKIE VOIVODESHIP Grażyna Michalczuk, Urszula Widelska GREEN STRATEGIES AS COMPANIES COMPETITIVENESS- ENHANCING FACTOR Valentinas Navickas, Rima Kontautiene, Egle Simbelyte MULTI-YEAR FINANCIAL FORECAST IN THE SELF-GOVERNMENT Jarosław Olejniczak OPTIMIZATION OF SKIP TRANSPORT Jan Pelikán, Michal Černý, Maria Kobzareva FINANCING THE COUNTERACTION OF THE NATURAL DISASTERS EFFECTS IN THE LUBIN COUNTY Zbigniew Piepiora ASSESSMENT OF THE SOCIAL-ECONOMIC DEVELOPMENT LEVEL OF THE CHOSEN LOWER SILESIAN DISTRICTS Arkadiusz Piwowar THE ECONOMIC CRISIS AND ITS IMPACT ON THE FINANCIAL SITUATION OF LOCAL AUTHORITIES IN POLAND Marzanna Poniatowicz OPTIMAL BEHAVIOUR OF REVENUE MAXIMIZING FIRM Pavel Pražák

5 THE STATE AID FOR ENTERPRISES IN POLAND Renata Przygodzka MEASURES TO TACKLE CLIMATE CHANGE IN THE WALLOON REGION Michał Ptak HARMONIZATION OF DIRECT TAXATION WITHIN THE EUROPEAN UNION Michał Sosnowski, Arkadiusz Żabiński INVESTMENT GAMES AND SIMULATORS IN THE CZECH REPUBLIC Libuše Svobodová OPOLE VOIVODSHIP: PROSPECTS FOR LOW-TECHNOLOGY MANUFACTURING INDUSTRY Mirosława Szewczyk PRACTICALLY VERIFIED CONCEPTION OF LOCAL DEVELOPMENT STRATEGY CONSTRUCTION PROCEDURE Andrzej Sztando THE CAUSAL RELATIONSHIPS BETWEEN THE PRICES OF MILK IN POLAND, SLOVAKIA AND THE CZECH REPUBLIC Agnieszka Tłuczak CAN MARKET CONTRIBUTE OF THE REDUCTION OF INEQUALITY AND POVERTY IN SRI LANKA? Sinnathurai Vijayakumar PERSONAL CULTURAL ORIENTATION AND CONSUMER ETHNOCENTRISM: EXPLORING THE MODERATING ROLE OF GENDER W.M.C.Bandara Wanninayake, Miloslava Chovancová CORPORATE GOVERNANCE AS THE INSTRUMENT OF CREATING COMPANY'S INFORMATION POLICY Anna Wierzbicka THE INTERSECTORAL COOPERATION WITHIN THE TRIPLE HELIX FOR INNOVATION IN POLISH ECONOMY Anna Wildowicz-Giegiel, Aneta Kargol-Wasiluk FISCAL ASPECTS OF ECONOMIC GROWTH IN THE CENTRAL AND EASTERN EUROPE Arkadiusz Żabiński, Michał Sosnowski THE CONCEPT OF TRANSACTION COSTS AND THE FUNCTIONING OF THE ECONOMY IN SELECTED REGIONS OF THE WORLD Marian Zalesko

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7 PREFACE The Faculty of Informatics and Management, University of Hradec Kralove organized the 10th jubilee International Scientific Conference Hradec Economic Days 2012 under the title Economic Development and Management of Regions. The conference was held on 31 January to 1 February 2012 and registered 127 participants, of which 50 from abroad. Papers to the Proceedings were divided thematically and discussed in seven sections. Most papers are focused on enterprise and management of firms and regions. There have been increased the number of papers dealing with the financial crisis and problems of taxation. The first part of the reviewed Proceedings of the Conference HED 2012 contains 53 papers (in Czech, Slovak and Polish), the second volume of Proceedings contains 41 papers in English. The original intention of HED conferences was to create a platform for regular meetings of experts in particular disciplines close to the field of economics and management, strengthening of interdisciplinary relationships and research on the border of several scientific disciplines, establishing personal contacts important for the submission of joint research projects and create a space for presentations and publications of young teachers. This year's conference HED 2012 meets all these requirements. I would like to thank to all those who participated in the preparation of the conference as members of the organizing and programme committees or in the review procedure, editorial process and publication of Proceedings. Hradec Kralove, January 11 th, 2012 prof. Ing. Ladislav Hájek, CSc. Head of the Economics Department Faculty of Informatics and Management University of Hradec Kralove 7

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9 THE ACCEPTANCE OF CREDIT CARDS IN BIG AND SMALL ECONOMIES: A COMPARISON BETWEEN GERMANY AND SLOVAKIA Tomáš Bálint, Martin Esser Technical University of Košice Key words: credit cards comparison of economies digital money electronic payments Abstract: In the global economy, we experience these days, the vast majority of payment transactions among different subjects is realized in dematerialized form. The banknotes and coins represent only a minor portion of all payment instruments. The biggest part of transactions is based on electronic payment systems. In this category we generally include payment cards, too. The main objective of this paper is to provide a comprehensive analysis of credit cards acceptance in economy. For these purposes two economies in the European Monetary Union were chosen: Germany as a representative of large economy and Slovakia as a model of small one. 1 Introduction The first coins in the world have been established in the 7 th century BC. Before that some goods had the functionality of money as they were accepted as a fixed value: grain, shells, silver or gold. The first paper money was established in the 11 th century in China. In Europe, the first paper money has been established 1483 in Spain. Already in 1609 the Bank of Amsterdam has established book money. [5] Later in the history, to make the handling with money easier and safer, banks established payment via checks. With that the recipient of the check could go to a bank and change this paper of value against cash money. The whole system was based on trust similar to the trust in paper money because paper money itself doesn t have any value. It s just a printed piece of paper. The next big change in money transfers has happened in the last decades. In the year 1950 the first credit card (Diners Club) has been founded. This was the beginning of a new way of payment: cashless payment. Successively, other types of card products were created. Among them we can cite standard debit and credit cards, but also new progressive payment methods based on 9

10 the wireless technologies, i.e. contactless payments and mobile payments. [2], [4] The one of the most important problems when dealing with cashless payments is the question of trust. All subjects participating in a payment scheme are questioning trustworthiness of the other partners. This can be an important barrier in the process of card payments adoption. The questions arising from this perspective are, e.g., the question of the credit cards acceptance in various environments, the question of the trends in credit cards growth and usage, and many more. [1], [6] In our paper we focus on the analysis of one of the most widespread electronic payments mechanism - credit cards. We study the evolution of the acceptance of credit cards from 2000 to 2010 in two European economies: Germany and Slovakia. The main goal is to provide a comprehensive description of the credit cards market in these two member countries of European Monetary Union (EMU). 2 Methodology The first and very often the most important phase in every economical analysis is the acquisition of relevant data. Because our study is focused on payment instruments analysis in two member countries of the EU, the ultimate reference for the data collection was the European Central bank (ECB) the European authority in the field of common monetary politics and central node in European payment systems. For the purposes of our study we have identified a set of indicators which define the use of credit cards in each of two studied European economies, Germany and Slovakia. Data for our study were obtained from the ECB s Statistical Data Warehouse [3]. The chosen indicators were from the category Economic Concepts > Payments and securities trading, clearing, settlement > Payments > Transactions per type of payment instrument (number and value). The used indicators identification keys are summarized in TAB. 1. These statistical data summarize the evolution of key quantitative indicators in the period from 2000 to Some of the data, especially for the beginning of this period and in case of Slovakia, are missing (represented as NA values in data tables). TAB. 1: Statistical indicators identification keys GERMANY PSS.A.DE.F000.I1A.Z00Z.NC.X0.20.Z0Z.Z PSS.A.DE.F000.I1A.Z00Z.NP.X0.20.Z0Z.Z PSS.A.DE.F000.I1A.Z00Z.NR.X0.20.Z0Z.Z SLOVAKIA PSS.A.SK.F000.I1A.Z00Z.NC.X0.20.Z0Z.Z PSS.A.SK.F000.I1A.Z00Z.NP.X0.20.Z0Z.Z PSS.A.SK.F000.I1A.Z00Z.NR.X0.20.Z0Z.Z Source: [3] 10

11 3 Results To determine the level of credit cards acceptance in Germany and Slovakia, we focused our attention on 3 key indicators (indicator acronyms (in bold) have been created for an easier reference): CTT - All card transactions (number per million inhabitants), CTG - Growth rate in card transactions (in %), CTS - Card transactions as % share in national payments. The data for all three indicators are summarized in TAB. 2. TAB. 2: Data for the analysis CTT (in millions) CTG (in %) CTS (in %) Year DE SK DE SK DE SK ,495 NA 17,195 NA 11,777 NA ,026 2,112 14,681 NA 13,17 NA ,603 3,423 13,061 62,063 15,336 NA ,437 4,504 8,163 31,597 15,013 15, ,107 5,484 10,903 21,816 15,305 17, ,765 6,951 6,068 26,865 14,926 17, ,571 8,104 2,679 16,668 14,15 16, ,113 13,502-11,805 66,78 13,815 18, ,166 16,155 7,675 19,857 14,443 24, ,035 21,114 6,320 30,986 14,834 27, ,812 23,847 9,087 13,2 15,471 28,679 Source: [3] CTT The first indicator expresses the total annual number of card transactions expressed in millions per million inhabitants. From the table TAB. 2 and from the chart in FIG. 1 we can observe the evolution of this indicator. The differences in the economic development between Germany and Slovakia can be observed directly via this indicator. First of all, the average number of transactions per million inhabitants is in the first five years 4-7 times bigger in case of Germany than in Slovakia. In the last years this difference is substantially smaller but it can be always observed that in Germany there is bigger amount of transactions realized via credit cards than in Slovakia. 11

12 FIG. 1: Development of CTT indicator between 2000 and 2010 in Germany and Slovakia CTG The change in growth of credit cards usage (expressed in %) is another important indicator. It helps to explain the process of credit cards adoption. FIG. 2: Development of CTG indicator between 2000 and 2010 in Germany and Slovakia In the case of Germany we can consider annual growth as pretty stable with the values between 10 and 20 %. The only strong deviation from this range is 12

13 observed in the year One possible explanation of this phenomenon is the beginning of global economic crisis, which started around this time. In case of the Slovakia we observe a vivid growth in the usage of credit cards. This growth is generally in the range from % with some deviations in years 2002, 2006, 2007, and 2010 (see FIG. 2). CTS The last studied indicator represents the portion of payments in national economics, which is realized through the credit cards. The situation in Germany is stable with some 15 % of all national payments carried out by the means of credit cards. In Slovakia, we can observe a growing trend, which starts in 2003 when around 15 % of national payments were realized by credit cards, up to the year 2010 when nearly 30 % of all payments were credit cards payments (FIG. 3). FIG. 3: Development of CTS indicator between 2000 and 2010 in Germany and Slovakia 4 Conclusion Based on the analysis provided in the previous sections of this paper, the following concluding remarks can be formulated: In both countries the trend of credit cards transactions per million inhabitants is similar but shifted. That means that if the markets continue to grow parallel, probably much more credit cards will be sold in Slovakia in the future. The growing trend in the credit cards use is stronger in Slovakia than in Germany. 13

14 The use of credit cards in Slovakia is much higher in Slovakia then in Germany (as proportion of total national payments). In 2007 fewer credit cards were used and fewer transactions happened than the years before and afterwards. One of the possible explanations of this situation can be the beginning of the global financial crisis. To determine precisely the nature of relation between these two markets and their possible interconnections, a further research is planned in the future. The main possible research topics are the mutual dependency of both economies, the impact of new ICT on the adoption of different electronic payment methods, and trust issues existing among the participants present on these markets. References: [1] DAHLBERG, T., MALLAT, N., OORNI, A. Trust enhanced technology acceptance model - consumer acceptance of mobile payment solutions. The Stockholm Mobility Roundtable, [2] DAHLBERG, T., MALLAT, N., ONDRUS, J., ZMIJEWSKA, A. Past, present and future of mobile payments research: A literature review. Electronic Commerce Research and Applications, vol. 7, pp , [3] ECB: Statistical Data Warehouse [online] [cit ]. Available on Internet: <http://sdw.ecb.europa.eu/>. [4] KARA, A., KAYNAK, E., KUCUKEMIROGLU, O. An empirical investigation of US credit card users: Card choice and usage behaviour. International Business Review, vol. 5, n. 2, pp , [5] LOTHIAN, J. R. The internationalization of money and finance and the globalization of financial markets. Journal of International Money and Finance, vol. 21, n. 6, pp , [6] NASH, R. C., SINKEY, J. F. On competition, risk, and hidden assets in the market for bank credit cards. Journal of Banking & Finance, vol. 21, n. 1, pp ,

15 STATE AID AS A TOOL FOR IMPLEMENTATION OF THE STRATEGY "EUROPE 2020" Bartosz Bartniczak Wroclaw University of Economics Key words: state aid European Union Strategy Europe 2020 Abstract: The strategy Europe 2020 defines the objectives of which the European Union must achieve in the coming years. Meeting these goals will require the involvement of many different instruments. One of them is state aid. Its focus on targets that contribute to the implementation of the Strategy will help to smooth its implementation. Therefore, it is important to monitor the process of state aid provided and answer the question what part of it is advantageous from the standpoint of the Strategy. Analysis of the value of state aid provided will focus on concepts such that the regulations of the Strategy were implemented to the fullest. This article aims to identify areas in which state aid helps to support the objectives of the Strategy. The article also noted the value given to this type of state aid in the years by the European Union Member States. 1. Vision of Europe 2020 Strategy Europe 2020 formulated three main priorities: - smart growth: developing an economy based on knowledge and innovation, - sustainable growth: promoting a more resource efficient, greener and more competitive economy, - inclusive growth: fostering a high-employment economy delivering social and territorial cohesion [1,5]. These three priorities are interrelated, they give a picture of the European social market economy in the twenty-first century. To solve the biggest problems and achieve the objectives of the Europe 2020 will be fully utilized the instruments which are used at the EU level, notably the single market, financial instruments and foreign policy tool. One of these instruments is state aid. The European Council in 2010 endorsed the Commission's proposal, that innovation and competitiveness are fundamental to the Europe 2020 Strategy, alongside protection of the environment and social inclusion. Indeed, EU competition policy, and State aid control policy in particular, are 15

16 key elements in the Europe 2020 Strategy. Competition is not an end in itself, but rather a means of increasing the competitiveness of European markets to the benefit of companies and consumers, resulting in more choice, better products at better prices. Competition boosts productivity, growth and job creation. 2. The role of state aid State aid is one of the instruments the state intervenes in the contemporary market economy. It is the economic element of state intervention, which aims to encourage positive economic processes, or prevention of negative [3, 33]. Despite the commonness phenomena of state aid, this term doesn't have one definition. It was only written in Treaty Establishing the European Union [2] because of the negative effects that state aid has on competition in the market is introduced general prohibition on the award. Article 87 of the Treaty provides that, subject to exceptions provided for in the Treaty is incompatible with the common market, any aid granted by the state or from state resources in whatever form, which by favoring certain undertakings or certain industries distorts or threatens to distort the extent that affect trade between member states. So word prohibition can be interpreted widely. The concept of state aid has not been defined but it can be assumed that state aid is aid granted by a member state or from state resources in any form whatsoever which distorts or threatens to distort competition by favoring certain undertakings or the production of certain products, in so far as it negatively affects trade between member states. The objectives of state aid control in Europe 2020 points of view are: reduce the overall levels of State aid ("less aid"), ensure that the aid granted does not limit competition, but contributes to remedy the imperfections of the market for the benefit of the general public ("better aid"), effective prevent the granting of aid incompatible with the common market or recovery of such aid, ensuring equal opportunities in the internal market (no trade distortions between Member States). State aid control aims at helping Member States to better target aid by directing it more closely to improving competitiveness and/or reducing regional and social disparities. 3. State aid contribution to Europe 2020 Strategy The key areas where state aid is granted and that have the meaning given to the implementation of the Strategy Europe 2020 include the: 16

17 - Research, Development and Innovation (R&D&I), - environmental protection, - regional development, - small and medium sized enterprises (SMEs), - the broadband sector, - employment and training [4]. R&D&I activities is one of the key elements in the effort to enhance the competitiveness of the EU economy and to ensure sustainable growth. State aid granted to R&D&I can significantly help by encouraging and supporting initiatives for innovation efficient and more environmentally friendly technologies, while facilitating access to public support for investment, capital risk and financing of research and development. In environmental protection area state aid can be used to eliminate market failures arising from the negative environmental externalities. State aid may play a significant role in the situation where market failure prevent companies achieve higher level of environmental protection, and when no other market instruments cannot be used. The main objective of state aid control in the environmental protection area is to ensure that state aid instruments will result in a higher level of environmental protection than would occur without the aid and to ensure that the positive effects of the aid outweigh its negative effects, notably distortions of competition and affectation of trade between Member States [4]. Regional state aid promotes economic, social and territorial cohesion of Member States and the European Union as whole. It contributes in this way to achieve the objectives of the Europe SMEs play an important role in creating new jobs and economic growth. Support the creation, development and internationalization of SMEs must therefore be at the heart of the new EU integrated industrial policy. State aid rules contribute to the promotion of industrial competitiveness in Europe. State aid rules provide a framework through which member states invest are directed where there are irregularities in the functioning market. State aid control is essential for the equal opportunities for all companies operating in the internal market, irrespective of the Member State in which they are established. The European Commission makes sure the appropriate focus of these measures, ensuring that aid does not work disincentive to investors, no investment was spent on maintaining inefficient market companies and does not cause distortions of competition [4, 43]. Development of broadband sector is very important because the high and very high speed broadband infrastructures are crucial to create jobs, increase economic performance and to unlock the competitive potential of the EU in 17

18 the long term. Broadband deployment to promote social inclusion and competitiveness in the EU is demand use public financing according to state aid rules. Public funding and state aid play an important role in complementing private investments. State aid for employment and training can be an appropriate instrument, for example, to support the recruitment of workers with disabilities or other categories of workers which face barriers to their employment at the going wage rates [4, 48]. State aid in form of wage subsidies might help such workers to enter the labour market or to remain in their post by covering extra costs induced by their perceived or real lower productivity. In years ,1 mld. euro state aid was granted by Member Countries in the areas which are relevant for Strategy Europe 2020 (figure 1). The largest part was granted as regional support above 30%, the second was the support in environment protection almost 29%. FIG.: 1. State aid expenditure for Europe 2020 goals Source: [4,21] The lowest support was provided to the broadband sector. This is because public funding has to be used carefully in the liberalized telecoms markets to avoid a crowding out of private investments. But we have to remember that public funding and state aid will play an important role in complementing private investments and in extending broadband and very high speed, next generation access (NGA) network coverage to areas where market operators are unlikely to invest on commercial terms in the near future [4,48]. 18

19 Summary Achieve the objectives of the Strategy Europe 2020 is one of the most important challenges facing the European Union. Achieving these goals can help to overcome the crisis from which Europe suffers from a few One of the instruments for implementing the Strategy is the state aid. Appropriate targeting of its cause, that the achievement of the objectives enshrined in it will be easier. State aid should be so in the coming years to focus on these directions, which are important from the standpoint of the Strategy. On the other hand, should be reduced the state aid to provide for these objectives which are in conflict with the provisions of the Strategy. However, this may require an in-depth reform of state aid. References: [1] Communication from the Commission Europe A strategy for smart, sustainable and inclusive growth, Brussels , COM (2010) 2020 final [2] Consolidated version of the Treaty Establishing the European Community, Official Journal of the European Communities C325/33 [3] Modzelewska-Wąchal E., Pełka P., Stasiak M., Pomoc publiczna dla przedsiębiorców i jej nadzorowanie. LexisNexis, Warszawa 2001 [4] Report from the Commission State aid scoreboard Report on state aid contribution to Europe 2020 Strategy Spring 2011 update, Brussels, , COM (2011) 356 final 19

20 BANKING MARKETING IN CUSTOMER VALUE CREATION MARKETING BANKOWY W KREOWANIU WARTOŚCI DLA KLIENTA Dorota Bednarska-Olejniczak Wrocław University of Economics Key words: bank marketing chain of values Abstract: Creation and delivery of customer value is one of the most important issues for banking in the light of the increasingly competitive market. Marketing in banking sector is inherently based on exchange processes namely, transactions made between the bank and its customers, and related to exchange of certain values. Banking customers evaluate market offers from the viewpoint of prospective values they strive for maximization of those values, while at the same time appraising the cost incurred in the process. They have certain expectations in regard to the value of services offered, and those expectations shape their behavior. This paper presents the notion of customer value and its determinants, as well as ways to improve customer value creation. The notion of customer value is subject to various interpretations. Ph. Kotler defines it as follows: Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Total value o a product for the customer is a sum of benefits expected of a given product or service [8, 33]. Total customer value, according to Kotler, includes expected values of: product, service, personnel and company image. Total cost, in Kaplan s approach, consists of the following: purely financial cost, time cost, energy cost and psychical cost involved in acquiring the product. Similarly to the above, R. Kaplan and D. Norton, authors of The balanced scorecard, in their general model of customer value include three attributes that determine the value. These are [6, 79-82]: product attributes (product or service) such as functionality, price and quality. customer relations including: product provision and service rendering, along with the time of completion and supply, image and reputation related to immaterial factors that attract the customer. V. Zeithaml proposes a slightly different definition of customer value: value is the consumer s overall assessment of the utility of a product based on 20

21 perceptions of what is received and what is given [16, 14]. Zeithaml notes that customer value is subjective and perceived individually; price is a significant criterion, but one that affects individual customers to a varied extent. Moreover, customer value may be perceived differently, depending on the context of product use [13, 189]. R. Woodruff postulates another approach to customer value definition, based on the concepts of transactional satisfaction, cumulated satisfaction and attributive satisfaction, as used in consumer psychology. It seems that Woodruff s definition provides the most complete description of relations between customer value and customer satisfaction. In his approach, customer value is a customer s perceived preference for and evaluation of those product attributes, attribute performances, and consequences arising from use that facilitate (or block) achieving the customer s goals and purposes in use situations [15, 189]. This hierarchical model of customer value suggests the need to evaluate customer value at the level of product attributes, the attributes of product use, as well as the customer s goals and purposes [13, 189]. Definition postulated by K. Monroe relates the concept of customer value to quality: Buyers perceptions of value represent a tradeoff between the quality or benefits they perceive in the product relative to the sacrifice they perceive by paying the price [9, 187]. According to Monroe, perceptions of value are a combination of the products physical attributes, attributes of related services, and technical support offered during product use, as well as the price and other indicators of received quality, whereas their perception of cost include cost incurred at purchase, such as product price, cost of acquisition (such as the cost of ownership transfer), cost of transport, assembly, exploitation and servicing, as well as the risk of failure or product malfunction [14, ]. The concept of quality is also evident in the definition postulated by B. Gale, relating customer value to the market perception of quality in relation to product price [4, xiv]. To sum up, it may be noted that, despite the apparent lack of a unified and commonly accepted definition of customer value, the following theses may be postulated [7, 175]: 1. consumers appraise product value through evaluation and selection of benefits, and by relating them to the cost incurred in the process. It is evident that customer value is a subjective category; this observation can be confirmed by the fact that customer value reflects not only the price, but also individual needs that the customer is trying to satisfy through purchase, as well as his or her individual preferences for incurring cost related to product purchase and use [12, 76], 21

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