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International Journal of Accounting & Business Management
www.ftms.edu.my/journals/index.php/journals/ijabm
Vol. 5 (No.1), April, 2017 ISSN: 2289-4519
DOI:24924/ijabm/2017.04/v5.iss1/93.110
This work is licensed under a
Creative Commons Attribution 4.0 International License.
Research Paper
THE IMPACT OF CUSTOMER PERCIEVED VALUE ON CUSTOMER
SATISFACTION: A STUDY ON MALAYSIAN AUTOMOBILE
INDUSTRY
Loi Leong Chen
MBA graduate
Ashcroft International Business School
Anglia Ruskin University, UK
Abdul Basit Lecturer
School of Accounting and Business Management
FTMS College, Malaysia
Zubair Hassan PhD Candidate
Faculty of Economics and Management Sciences
International Islamic University, Malaysia
ABSTRACT
The purpose of this study is examining the impact of customer perceived value on customer
satisfaction in Malaysian national automobile. A sample size of 200 respondents of national car
drivers was selected in Kuala Lumpur and Klang Valley, Malaysia using convenient sampling. The
questionnaire framed by 5 point Likert-Scale was used to collect the data in order to examine the
impact of customer perceived value on customer satisfaction. The normality and reliability tests will
be used to test validity and reliability of the data collected from the respondents. The descriptive
statistics shows that conditional value is the highest mean which indicated that conditional value is
the most influential impact on customer satisfaction, and functional value is the second highest mean,
and followed by social value and epistemic value. The regression results show that functional value
and conditional value has positive significant impact on customer satisfaction, and conditional value
has highest beta coefficient value in regression analysis. However, we did not find any significant
impact of social value, emotional value and epistemic value on customer satisfaction. This research
study fulfilled its purpose by identifying the impact of CPV on customer satisfaction among national
automobile in Malaysia. It recommended that future researcher should increase the sample size by
using different variables to ensure validity and reliability of the results.
Key Terms: Consumer perceived value, customer satisfaction, Malaysian national automobile
ISSN: 2289-4519 Page 94
1. INTRODUCTION
The purpose of this research aims to examine the impact of customer perceived value
on customer satisfaction among national automobile industry in Malaysia. Globalization has
developed a complex business environment in the manufacturing sector of Malaysia. In this
context, the automotive industry has grown into emerging and manufacturing local brands
with commencement of Malaysia national automobile of Proton and Perodua. Consumer
nationalism refers to domestic consumers’ biasness for local products over imported
products. However, through several supports given by Malaysian government, the imported
cars’ sales have showed in increasing and growing trend ever since year 2000, even before
fully implemented of ASEAN Free Trade Area (AFTA). This increasing trend indicated that
more Malaysians displaying their preferences for imported cars (Mashahadi & Mohayidin,
2015).
In the ongoing fierce market competition, the concept of perceived value has been
considered as the key success for all businesses sustainability (Huber et al., 2001). Moreover,
it has been proven that use of this concept results in increased customer satisfaction and also
directly impacts customer loyalty (Lin et al., 2005). There are several models of CPV that are
widely used in literature, including the pioneer of CPV model by Monroe (1985) and also the
models by Sheth et al (1991), Zeithaml (1988), Woodruff (1997) and Holbrook (1999)
(Sáncheq-Fernándex & Iniesta-Bonillo, 2007).
There are a significant numbers of studies that were conducted on this topic in the
developing and developed countries (Jahanshahi, 2011; Javed et al., 2015; Khan & Jadoun,
2015; Haq, 2012; Zaw & Chaipoopirutana, 2014; Orose & Hongcharu, 2012). In terms of
CPV in Malaysia, there were limited researches conducted on customer satisfaction in
automobile industry, and most of them were conducted on consumers’ buying decision
towards automobile (Yee et al, 2011; Wen & Noor, 2015; Nezakati et al., 2011; Lee &
Govindan, 2014; Noor & Divendran, 2014; Mashahadi & Mohayidin, 2015; Gomathi & Sam,
2016). The SERVQUAL Model of Parasuraman et al. (1985) was most cited to measure the
expected service quality and perceived service quality on CPV in Malaysia automobile
(Anantha et al., 2013; 2014).
In the Malaysian automotive market, a shift has been observed as customer
expectations are changing. The latest study being undertaken by J. D. Power (2014; 2015;
2016) on Malaysian car industry exploring the sales satisfaction of national automobile
(Perodua and Proton) showed customer satisfaction levels are lower than industry average
and consistently decreasing over the years highlighting the need for improvement in customer
satisfaction to compete with imported cars in Malaysia. The poor quality of national cars
especially Proton is deteriorating the consumers’ trust, purchase confidence and perceived
brand image of consumers toward national automobile (Wad & Govindaraju, 2011).
Additionally, it was also noted that vehicle quality and reliability of national cars perceived to
customers did not match with the prices given (Zolkifly, 2013). Therefore, national cars
companies should reduce the price instead (Noor & Divendran, 2014). Hence, to survive
competitive with a sustaining competitive edge in the future of automotive industry in
Malaysia, national automobile makers must compete besides the price factor.
This research study is being undertaken to acquire a base for assessing the impact of
CPV on customer satisfaction in the Malaysian national automotive industry. Also, it
provides information to the Malaysian national automobile companies about actual
requirements of customers and factors that impact on the decision making process.
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Additionally, Malaysian national automobile companies can have more understanding on
customer insight and making necessary adjustment to fulfil customer’s expectation in order to
sustain long-term relationships. Through this study, Malaysian national automobile also can
develop better strategies for upcoming time period to sustain in the competitive market.
The independent variable used to examine the impact of CPV on customer satisfaction
among national automobile in Malaysia by the researcher consist of ‘functional value’,
‘emotional value’, ‘social value’, ‘conditional value’ and ‘epistemic value’, with ‘customer
satisfaction’ being the dependent variable. The research objectives are:
To examine the impact of functional value on customer satisfaction
To examine the impact of social value on customer satisfaction
To examine the impact of emotional value on customer satisfaction
To examine the impact of epistemic value on customer satisfaction
To examine the impact of conditional value on customer satisfaction
2. LITERATURE REVIEW
The pioneer of CPV, Monroe (1985) stated that CPV reflects the trade-off between
quality and benefits that they perceive in product relative to the sacrifice that they perceive
paying the price which is similar to the assertion of Zeithaml (1988). However, Sheth et al.,
(1991) defines a wider theoretical framework of perceived value that portrays the
consumption pattern on the basis of customer decision and selection of what to buy. On the
other hand, Woodruff (1997) has stated that CPV is the preference for an assessment of
product attributes and values that helps customers to achieve the purpose in using situations.
Holbrook (1999) defines that the concept of CPV can be described by the aspect that includes
relationship between buyers and the overall product. Oliver (1980) defined satisfaction as a
post consumption judgement about a specific product or service which occurs when
expectation is exceeded performance of product or service. Moreover, Oliver (1997) stated
that customer satisfaction is achieved when customers’ expectations are met. In recent years,
Anderson et al. (2008), Luo and Homburg (2007) also argues that customer satisfaction is
defined as “an overall post-purchase evaluation”, which focuses on post purchase perceived
product performance compared with pre-purchase expectations.
Sheth et al., 1991 defined functional value as the perceived utility acquired from an
alternative’s capacity for functional, utilitarian, or physical performance, and measured on a
profile of choice attributes. Moreover, Sheth et al., (1991) defined social value as the
perceived utility acquired from product’s association with a particular social group,
demographic and culture. Furthermore, Emotional value associates with extrinsic aspects of
consumption in terms of a product’s ability to arouse feelings or affective states (Sheth et al.,
1991). On the other hand, Sheth et al. (1991) also defined epistemic or novelty value as a
product’s capacity to arouse curiosity, provide novelty and/ or satisfy a desire for knowledge.
Conditional value arises from an ability of the product to provide temporary social or
functional in a specific situation, therefore is contingent on the particular situations facing the
choice of decision making (Sheth et al., 1991).
Among the all the perceived value models, Monroe (1985) proposed relationship
model of quality, price and perceived value. These are important factors in purchase decision
making process of consumers. It is further proposed that perceived quality is an evaluative
measure while the perceived value can be regarded as a trade-off that takes place between
quality and affordability in terms of consumer perception (Sabiote-Ortiz Frías-Jamilena &
Castañeda-García, 2016). On the other hand, Sheth et al (1991) is considered is one of the
most crucial contributor to studies of CPV (Sanchez-Fernandez & Iniesta-Bonillo, 2007).
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Sheth et al. (1991) model stated that consumer purchase choice involves five consumption
values which are functional value, emotional value, social value and conditional value, and
every value play different roles in consumer’s purchase decision (Deng et al., 2010). The
model is advantageous as it has made a significant contribution in understanding of variables
that has an impact on buyer behaviour (Solomon, Russell-Bennett & Previte, 2012).
However, it has been criticised of lacking a sharp distinction between exogenous and other
variables (Wright, 2006). According to Sheth et al (1991), four variables are suitable to
measure CPV of automobile such as social, functional, emotional and epistemic values
(Moosa & Hassan, 2015; Wen & Noor, 2015; Hur & Park, 2013, Ehsani & Hashim, 2015).
When national automobile companies are able to provide these dimensions to consumers
correctly then they can attain loyalty thus creating a win-win situation for both parties. The
company can then modify the service in terms of automobile maintenance, after sales service
among others so as to deliver exceptional quality to consumer (Hanaysha & Hilman, 2015;
Anantha & Huam, 2014; Anantha & Abdullah, 2013).
Moosa and Hassan (2015) did a research on CPV associated with automobile and
brand loyalty in Saudi Arabia. The sample size was 198 respondents and sampling techniques
was convenient sampling. Analysis was done using descriptive statistics, correlation and
bivariate multiple regression analysis. The variables used researcher were functional value,
emotional value, social value, epistemic value, conditional value. The results found in
regression analysis, functional value and conditional value had a significant and positive
impact on customer satisfaction; on the other hand, emotional value, social value and
epistemic value had no significant influence on customer satisfaction. Also, it was found that
functional value, conditional value and emotional value have a positive impact on customer
and brand loyalty. But, researcher did not find any significant impact of epistemic value and
social value on brand loyalty. In conclusion, CPV significant associated with automobile is
important in increasing the level of customer satisfaction and brand loyalty in automotive
industry.
The research by Ehsani and Hashim (2015) was conducted on the relationship
between CPV with customer relationship management (CRM) performance in Automaker
Company of Iran. The sample size was 400 respondents, and sampling techniques used were
multi-stage sampling. The Partial Least Square (PLS) was used to analyse the association
between the variables. The variables used were functional value, emotional value, social
value, epistemic value, satisfaction and word-of-mouth communication. The results of
research study showed that CPV had significant relationships on word-of-mouth
communication and CRM performance. On the other hand, Yee et. al. (2011) conducted a
research on consumers’ perceived quality, perceived value and perceived risk towards
purchase decision on automobile in Malaysia market. The sample size was 200 respondents
and the sampling techniques was convenience sampling. The analysis was done through
reliability test, normality test, multiple regression and hypothesis. The variables used by the
researchers were perceived quality, perceived value and perceived risk. The result of multiple
regression analysis also showed the strength of the relationship between purchase decisions
with the three independent variables. Furthermore, the hypothesis also indicated that
perceived quality, perceived value and perceived risk have significant association with
purchase decision when customers want to purchase a car in Malaysia market.
For this research, CPV measured using consumption value model of Sheth et al.
(1991) with focus on these five variables: functional values, social values, emotional values,
epistemic values, and conditional values are the independent variables, and customer
satisfaction as the dependent variable. Hence, the proposed framework for this research study
is consumption value framework of Sheth et al. (1991) as illustrated in the research model
below:
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Figure 1: Conceptual Framework Source: Adopted from Seth et al (1991)
Functional value is the key driver of consumer choice (Sheth et al., 1991) and is
considered as one of most significant values perceived by customers when they want to
purchase automobile (Nezakati et. al., 2011; Lee & Govindan, 2014; Wen & Noor, 2015;
Abdullah & Wang, 2016). However, increase in price has shown to have a negative impact on
customer satisfaction (Malik at el., 2012). On the other hand, functional value of product’s
quality and product functions has positive influence on customer satisfaction (Demirgünes,
2015). There are several of previous studies that concluded functional value to have the most
significant influence on customer satisfaction and loyalty in automobile industry (Jahanshahi
et. al., 2011; Orose & Boonchai, 2012; Hur et. al., 2013; Zaw & Chaipoopirutana, 2014;
Moosa & Hassan, 2015; Ehsani & Hashim, 2015).
H1: Functional value has positive significant impact on customer satisfaction
As defined by Sheth al et. (1991) social value is the perceived value acquired from
product’s association with a particular social group, demographic and culture. The choices
relating highly visible products such as automobile which to be shared with others is often
driven by social value (Sheth al et., 1991). The customer perception of product value is
subjected or associated with the characteristic of the social environment such as the culture or
the norm in the place where they live in (Harris et al, 2005). Social value is obtained when
consumers feel they are connected to others by using a product (Sweeney & Soutar, 2001).
Consumer may find social value from visibly driving a national car, demonstrating that they
are belonging to a specific group or members. In term of marketing perspective, reference
groups have direct influence individuals’ consumption decision and preferences (Schiffman
& Kanuk, 1997).
H2: Social value has positive significant impact on customer satisfaction
Sheth al et. (1991) defined emotional value associates with extrinsic aspects of
consumption in terms of a product’s ability to arouse feelings or affective states. If customer
is satisfied with the product, he/ she will show a higher chance of purchasing the product
(Lin, 2003). However, if customers are not satisfied, it will negatively impact resulting to risk
for having bad word of mouth from customer, and the company’s image will be affected
negatively (Sandra, 2012). Prior research of Peng and Liang (2013) found that customers’
emotional value has strongest influence and plays an important role on satisfaction with the
product. Emotional value was rated higher than price which drives behavioural intention, and
Functional Values
Social Values
Social Values
Social Values
Social Values
Customer Satisfaction
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price was not always a high rated factor. Moosa and Hassan (2015) have stated that emotional
value is considered as one of the key CPV in purchase automobile.
H3: Emotional value has positive significant impact on customer satisfaction
Epistemic value or novelty value is defined as a product’s capacity to arouse curiosity,
provide novelty and/ or satisfy a desire for knowledge (Sheth al et., 1991). Exploratory,
novelty-seeking, and variety-seeking motives have been suggested to activate product search,
trial, and switching behaviours (Hirschman, 1980). In epistemic value, knowledge plays an
important role in determining consumer behaviour (Shende, 2014). Consumers purchase an
automobile will be based on the familiarity of the current brand, high curiosity about a new
automobile or willingness to learn more about the new automobile. Knowledge is the main
trait that affects the consumers’ buying decision making process in identifying new product
adoption. They tend to match the perceived product features and situational characteristics
when they choose to purchase the products. According to prior studies, the key trigger for
purchase may be curiosity about a new product, variety or novelty seeking (Hirschman, 1980;
Sheth et al., 1991).
H4: Epistemic value has positive significant impact on customer satisfaction
Conditional value means the benefits perceived in a particular situation the person
making a preference (Sheth et al., 1991). Under certain special condition, product can
temporarily provide great functional or social value. Conditional value has more significant
positive effects on the path of consumer attitudes among those who did not have other cars
than those who did (Wu & Chang, 2016). According Sheth et al. (1991), there are five
dimensions of the general features of condition, which includes physical surroundings, social
surroundings, temporal perspective, task definition, and antecedent states. The influence of
conditional value is also considered less important in automobile industry, as conditional
value arises from situational or temporary factor which is difficult to understand unless the
time, place and situation might affect conditional factor (Candan, 2013). Therefore,
conditional value had significant positive effects on the purchase behaviour of new
automobile. Manufacturers should diversity the conditions of product usage and focus on
marketing strategies to meet customers’ expectation on conditional value.
H5: Conditional value has positive significant impact on customer satisfaction
3. RESEARCH METHODOLOGY
3.1. Research Design and Methodology
Explanatory research design has been applied to this research to identify the cause and
effect relationship. The explanatory research design is considered as the most suitable method
of examination for this research study as it can measure the correlative nature with the
emphasis on instrumental relationship between variables, and more importantly it can explain
for the descriptive information (Gray, 2013). Moreover, explanatory design helps to assess
why and how there is a relationship between two or more variables (Mabuda, 2009). Hence,
the impact of CPV (independent) on customer satisfaction (dependent) in Malaysian national
automobile industry could be determined.
The quantitative research methodology technique has been applied to interpret results
with a motive to assist the accumulation of information from a relatively wider number of
participants (Taylor, Bogdan & DeVault, 2015). As the research aim is to gather information
related to CPV and its impact on their satisfaction level in automotive industry, therefore it is
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crucial to undertake research among number of groups that would ultimately help in making
comparison. This method would also help in generalizing wider population size and attain
numerical information that would further assist in accomplishing statistical analysis which
would further facilitate in defining relation among both the variables (Rao and Woolcorc,
2003).
3.2 Data Collection Method
Primary data collection method has been employed to accumulate information as the
research aim is to attain the impact of CPV on customer satisfaction in automobiles. As the
industry is competitive and perception of consumers changes from time to time, it is crucial
to attain primary data and analyse it in a statistical manner. With the research design being
explanatory and quantitative to represent data, collecting using the primary technique would
be most suitable in this context. The target population for this research was Proton and
Perodua consumers, The sample size of this research is 200 (100 for Proton and 100 for
Perodua) and convenience sampling was used to interview the customers at the various
national car service centres in order to avoid biasness in choosing any customer and most
importantly saving cost and time of the research.
3.3. Data Instrument
In this research, questionnaire has been used to attain participants view on the defined
area of study. Survey or questionnaires is an effective method to collect data or information
relating of the individual’s attitudes, views, behaviours, and feelings (Covey, 2002). To
examine the variables that impact the CPV on customer satisfaction among national
automobiles in Malaysia, the statistical analysis is required to test these variables computable
data obtained from the questionnaire or survey. The questionnaire consisted of two Parts,
where Part 1 was Demographic Information of respondents, and Part 2 was the research
questions which included all variables such as functional value, social value, emotional value,
epistemic value, conditional value and customer satisfaction. All the questions were framed
in relation to research topic employing a 5-point Likert scale option for respondents to
provide their response (Long-Sutehall, Sque & Addington-Hall, 2010). The scale included 5
options (strongly agree, agree, neutral, disagree, strongly disagree) to understand respondents
exact perception on the precise questions. The questionnaire development is illustrated as
below:
Table1: Variable Summary
Variables Factors Sources
Functional Value Price; Quality; Design; Durable;
Fuel Efiiciency
(Wang et al., 2013); (Demirgünes, 2015);
(Alsboul & Wang, 2016);
Social Value Word-of-mouth; Family and Friend;
Social status; Nationalism; Social
group
(Ehsani & Hashim, 2015); (Wen & Noor,
2015); (Orose & Hongcharu, 2012); (Arfa
Adline, 2012); Mashahadi & Mohayidin,
2015)
Emotional Value Feel happy; Feel exciting; Feel
proud; Feel Good; Emotional
branding
(Hur et al., 2013); (Wen & Noor, 2015);
(Demirgünes, 2015); (Gomathi & Sam, 2016)
Epistemic Value Curiosity; Truth (test drive);
Knowledge; Novelty-seeking;
Company background
(Burcu & Seda, 2013); (Hur et al., 2013);
(Shende, 2014); (Sandra, 2012)
Conditional Value Special occasion; Discount (new
user); Special offer; Promotion;
(Sweeney & Soutar, 2001); (Hur et al., 2013);
(Wu &Chang, 2016)
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Availability of car
Customer Satisfaction Functional; Price; Service quality;
Durability; Overall Satisfaction
(Haq, 2016); (Wang et al., 2013); (Javed et
al., 2015); (Demirgünes, 2015); (Malik,
2012)
3.4. Subjects
200 respondents are grouped into 6 clusters as shown in Table 1, which including
gender, ethnic, age group, employment, job position, monthly salary and car brand. In this
research, total of 200 questionnaires were distributed to car drivers of Proton (50%) and
Perodua (50%). Majority of the respondents are male which consist of 64.5%, female 35.5%,
this result indicated that male respondents are more voluntary and willing in responding the
questionnaire
Table 2: Demographic Attributes of Respondents
Variable Frequency Percent Cumulative Percent
Gender Female 71 35.5 35.5
Male 129 64.5 100.0
Age Group
20 - 30 54 27.0 27.0
31- 40 76 38.0 65.0
41 - 50 47 23.5 88.5
51 and above 23 11.5 100.0
Employment
Employed 175 87.5 87.5
Self-Employed 5 2.5 90.0
Student 20 10.0 100.0
Job Position
Clerical/ Non-Executive 66 33.0 33.0
Executive 76 38.0 71.0
Managerial 31 15.5 86.5
Student 20 10.0 96.5
Upper Management 7 3.5 100.0
Monthly
Salary
MYR 10,001 and above 14 7.0 7.0
MYR 2,500 and below 53 26.5 33.5
MYR 2,501 - 5,000 65 32.5 66.0
MYR 5,001 - 10,000 68 34.0 100.0
Car Brand Perodua 100 50.0 50.0
Proton 100 50.0 100.0
Most of respondents are Malay (42.5%) and Chinese (42%), with total of 84.5% and
15% Indian and 0.5% other race. Most of the respondents are aged between 31-40 years
constituted 38% followed by aged group 20-30 years with 27%. In term of employment and
job position, 87.5% of respondents were employed, only 2.5% were self-employed and 10%
were student. Most of the national car drivers are executive level (38%), clerical or non-
executive (33%), managerial (15.5%), and followed by student (10%), only 3.5% are upper
management. 60% of respondents earned monthly income below than MYR 5,000, 34% of
respondents earned monthly income ranged from MYR 5001-10000, and there is only 7% of
respondents earned MYR 10,000 above. This indicated that most of the national car drivers
are from medium ranged income as national car is considered to be one of the most
affordable prices in Malaysia.
3.2. Procedure
The researchers independently contacted the respondents using a non-probability
sampling techniques (convenient sampling method) based on time and resource available to
reach the target respondents. Samples of 200 respondents were chosen for this study.
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Additionally, permission from the respondents was obtained while they were purchasing a car
from the show room. A time period of 7 days including weekends were spent to collect data.
The completed questionnaires were collected by the researchers and a follow up were made
on the spot before customer leaves the premises.
3.3. Measures
Normality: In this study, the normality is tested by using combines the tests of
skewness and kurtosis, and the statistical significance of skewness and kurtosis are two key
indicators to measure the data normality (Oztuna al. et., 2006). According to Bachman
(2004), the rule of thumb between -1 and +1 will be used for kurtosis and skewness values to
determine a reasonably normal distribution. Based on the result of Table 2, all questions for
skewness statistics can be seen in acceptable range which is below 1. The kurtosis statistics
value also shows in acceptable range, except SV2 with value of 1.426 which is above 1, and
CV2 (-1.043), CV3 (-1.382) and CV4 (-1.166) which are below -1. The overall of data will
be considered is normal, and further reliability test will be conducted in the study.
Reliability: Reliability is a consistency of measurement (Bollen, 1989), or stability of
measurement through variety of conditions in which basically the same results should be
achieved (Nunnally, 1978). In the other words, reliability test is used to determine the
consistency and stability in which to measure the constructs of the research instrument
(Malhotra, 2004). Cronbach’s Alpha reliability test is used to measure the internal
consistency of scale or test as Cronbach’s alpha coefficient is widely used to measure
reliability in the study (Tavakol & Dennick, 2011). Malhotra (2004) stated that, the
coefficient varies from 0-1 AND value of 0.6 OR less as a rule indicates unsatisfactory
internal consistency reliability of test. The coefficient varies from 0.8-1.0 are very strong in
reliability, 0.6-0.8 are moderate, and below 0.6 are weak in reliability [>0.9-Excellent and
Good; >0.7 – Acceptable; >0.6 – Questionable; >0.5 – Poor; <0.5 - Unacceptable].
Table 3: Reliability of Scale
Variables Number of Items Cronbach's Alpha
Overall 30 0.934
Functional Values 5 0.901
Social Values 5 0.769
Emotional Values 5 0.897
Epistemic Values 5 0.646
Conditional Values 5 0.871
Customer Satisfaction 5 0.893
Based on the above Table 3, the overall Cronbach’s alpha value is stood at above
0.646 for the questionnaire’s variables which shows is acceptable as satisfactory value is
required to be more than 0.6 for the scale to be reliable (Malhotra, 2004). Thus the research
instrument is considered to be reliable in internal consistency. Functional value has a highest
Cronbach’s alpha value with 0.901 which shows the high reliability in internal consistency
among the variables.
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4. RESULTS AND ANALYSIS
4.1. Descriptive Statistics
Table 4: Descriptive Statistics
Table 4 above shows the descriptive statistics for each value of CPV on customer
satisfaction, the mean statistic of conditional value is the highest (M = 3.482; SD = 0.8797),
in which indicated that conditional value is the most perceived value associated with
automobiles. The second highest mean value is functional value with mean value of 3.360,
and followed by social value and epistemic value with a mean value of 3.270 and 3.259
respectively. Emotional value is the lowest mean value of 3.2475 which indicated that
emotional value is the least associated value with automobiles in Malaysian context.
Therefore, the result of this study indicated that most of the respondents are generally
satisfied with their national automobile. The result of finding is similar to prior studies of
Ehsani and Hashim (2015); Demirgünes (2015); Jayakody et al. (2016). However, Moosa and
Hassan (2015) found that functional value is a most important values that is associated with
autombiles in Saudi Arabian context, followed by emotional value and epistemic. Moreover,
the researchers of Moosa and Hassan (2015) and Demirgünes (2015) also found that social
value has least impact on the level of customer satisfaction.
4.2. Regression Analysis:
From this study, regression analysis used to predict the impact of CPV on customer
satisfaction based on five independent values. The factor of dependent for this study is
customer satisfaction. According to Faraway (2012), regression analysis is a statistical
technique to determine the linear relationship between the variables. The R Square value
must be minimum of 60% of the variables, which shows the model is good fit (Gujarati,
2004); The thumb-rule for Significant F is from 0.01 to 0.05 (Blackwell, 2008); The range of
acceptable for Durbin Watson should be from 1.5 to 2.5 (Bakon & Hassan, 2013). In this
study, the hypothesis testing will be investigated within 5 hypotheses (H1, H2, H3, H4 and
H5).
Table 5: Model Summary
Model Summaryb
Model R R
Square
Adjusted R Square Std. Error of the
Estimate
Durbin-Watson
1 0.837a 0.700 0.692 0.4517 2.087
a. Predictors: (Constant), conditional value, emotional value, epistemic value, functional value, social value
b. Dependent Variable: Customer satisfaction
Based on the Table 5, the model result of R square value is 0.7 which indicates that
70% of the dependent variable of customer satisfaction can be predicted by independent
variables. The adjusted R square is 0.692 which indicated that model is a fit model, as the
value is more than 0.60 (Gujarati, 2004). The Durbin Watson result shows 2.087 which the
value shown auto correlation among the selected respondents for this research study. Alam et
N Mean Std. Deviation
Functional Values 200 3.360 0.7987
Social Values 200 3.270 0.6564
Emotional Values 200 3.248 0.7598
Epistemic Values 200 3.259 0.6004
Conditional Values 200 3.482 0.8797
Customer Satisfaction 200 3.413 0.8142
Valid N (listwise) 200
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al. (2013) stated that the acceptable range for Durbin Watson should be from 1.5 to 2.5,
which indicating that the data is safe from being auto correlated. The finding is similar to the
previous researches of Demirgünes (2015); Ehsani and Hashim (2015). However, Moosa and
Hassan (2015) indicated that the result is considered as ‘poor fit’, as the result failed to
explain 60% of variance dependent variable for customer satisfaction.
Table 6 : Regression Analysis
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
B Std. Error Beta
1 (Constant) 0.112 0.214 0.526 0.600
Functional Values 0.745 0.053 0.730 13.937 0.000
Social Values -0.049 0.081 -0.039 -0.602 0.548
Emotional Values 0.069 0.069 0.065 1.012 0.313
Epistemic Values 0.079 0.059 0.058 1.328 0.186
Conditional Values 0.137 0.041 0.148 3.362 0.001
a. Dependent Variable: Employee Performance
According to Table 6, the results of functional value beta coefficient value is 0.730
and with a significant value of 0.000 which is lower than 0.01 (Blackwell, 2008). Therefore,
functional value is found has a positive significant impact on customer satisfaction. The
model also indicated that functional value has the highest impact of customer satisfaction as
its beta coefficient indicated is the most significant and highest among all values. This
finding is similar to the previous researches of Demirgünes (2015); Hur et. al. (2013); Moosa
and Hassan (2015); Ehsani and Hashim (2015); Jomehri et al. (2011); Xue (2015); Tabassum
et al. (2013), as all researchers were positively agreed with result that functional value has
positive and significant impact on customer satisfaction. H1: (Accepted)
Social value beta coefficient value is -0.039 resulted negative value, and with an
insignificant value of 0.548 which is higher than 0.05 (Blackwell, 2008). Thus, social value is
found to has a negative and insignificantly impact on customer satisfaction. Moosa and
Hassan (2015); Demirgünes (2015) also done a similar researches and found that there is no
significant and least impact of social value on customer satisfaction. However, Hur et. al.
(2013); Ehsani and Hashim (2015); Jomehri et al. (2011); Alshibly (2015); Tabassum et al.
(2013) have stated that social value has significant and positive impact on customer
satisfaction in their research study. H2: (Rejected)
Emotional value beta coefficient value is 0.065 and with an insignificant value of
0.313 which is higher than 0.05 (Blackwell, 2008). Hence, emotional value is found to has a
positive and insignificant impact on customer satisfaction. Thus, the finding is in line with
prior research of Moosa and Hassan (2015) which found that emotional value has no
significant impact on customer satisfaction. However, the finding is opposite from
Demirgünes (2015); Hur et al. (2013); Jomehri et al. (2011); Xue (2015); Tabassum et al.
(2013). H3: (Rejected)
Epistemic value beta coefficient value is 0.058 and with an insignificant value of
0.186 which is higher than 0.05 (Blackwell, 2008). Hence, epistemic value is found to has a
positive and insignificant impact on customer satisfaction. From the prior similar research
study, Moosa and Hassan (2015) also did not find any significant impact of epistemic value
on customer satisfaction. However, prior study of Ehsani and Hashim (2015); Tabassum et al.
(2013) found that epistemic value is positively and significantly impact with customer
satisfaction. H4: (Rejected)
ISSN: 2289-4519 Page 104
Conditional value beta coefficient value is 0.148 and with a significant value of 0.01
which is lower than 0.05 (Blackwell, 2008). Hence, conditional value is found to has a
positive and significant impact on customer satisfaction. Moosa and Hassan (2015) and
Tabassum et al. (2013) have done a similar research and found that conditional value has
significant impact on level of customer satisfaction. H5: (Accepted)
Overall, the result of regression analysis indicated that only functional value and
conditional values were found to have significant impact on customer satisfaction in
automobile. The other three indicators of CPV (social value, epistemic value, emotional
value) have found to be not significant on customer satisfaction in automobile. The finding is
similar with research conducted of Moosa and Hassan (2015).
5. CONCLUSION AND RECOMMENDATION
The key purpose of this research is to examine the impact of CPV on customer
satisfaction among national automobile in Malaysia. In this aspect the major findings derived
from literature review found that functional value of a product has positive impact on
customer satisfaction and it plays an important role in customer satisfaction among Malaysian
automobile industry which is similar to previous findings that signifies as all the variables are
positively agreed with results that have positive impact on consumer satisfaction level. Also,
the findings of conditional value indicate that conditional value positively and significantly
impacts on customer satisfaction in regression analysis. Thus, it can be concluded that
conditional value plays an important role in customer satisfaction after functional value.
Therefore, the national car companies should diversity the conditions of product usage and
focus on marketing strategies to meet customers’ expectation on conditional value. However,
in context of social value, the findings suggested a negative insignificant impact on customer
satisfaction. In contrast, emotional value and epistemic value, in regression analysis
suggested a positive but insignificant impact on customer satisfaction. Nevertheless, after
assessing both primary and secondary research it can be concluded that emotional value is
also an apparent factor that can help automobile companies to enhance their customer
satisfaction, hence, it should be given emphasis while implementing marketing strategies.
Also, from secondary research it is evident that epistemic value is aligned with knowledge
and customers usually purchase a car due to having familiarity with existing brand and high
curiosity about a new product.
5.1. Recommendation
From the finding being derived, it can be concluded that Malaysian national
automobile companies should seek to improve its functional, social, emotional, epistemic and
conditional values as it would facilitate in achieving satisfaction of customers (Jayakody et
al., 2016). Therefore, in order to overcome the sales declined of Malaysian national
automobile in recent years, it is recommended that national car companies should improve
its’ functional value such as car quality, engine reliability, fuel consumption and design as all
these attributes can helps in brand building and achieve customer satisfaction that would
ultimately increase market share of automobile industry. In Malaysian automotive market a
shift has been observed as customer expectations are rising, hence car companies need to
understand that meeting these needs requires innovative ways to satisfy customers in order to
compete with imported car and survive or sustain competitive in the automotive industry in
Malaysia. In this regards, CPV through functional, emotional, social, conditional and
epistemic values hold much of importance in automobile industry as these factors are
positively related with consumer satisfaction and should be managed evidently to improve
business functions and enhance performance of Malaysian national automobile.
ISSN: 2289-4519 Page 105
5.2. Limitation
After accomplishing this detailed research, it is apparent that the study also holds
certain limitations that basically barred researcher from acquiring more prominent outcomes.
Here, in while undertaking secondary research researcher faced issues in terms that there was
very limited previous research available on CPV on Sheth et. al. (1991) framework that to an
extent impacted on the study. Moreover, researcher also faced of limited availability citation
on research related to CPV on customer satisfaction in automobile industry, therefore the
study has been carried out using the limited resources. If much of data would have been
available, it would have been convenient for researcher to put some valid point of view on the
aspect and critically analyze it. On top of that, due to the insufficient time, this survey only
could be conducted in the Kuala Lumpur and Klang Valley, Malaysia. Moreover, the results
of study might be misinterpreted as the questionnaire might be inappropriately.
5.3. Future research direction
Findings of the research reveals that there are numerous opportunities present for
Malaysian automobile industry in terms of growth acquisition so organizations of this sector
needs to put emphasis on numerous aspects of CPV so that customer satisfaction can be
attained. However, for future research it would suggest that researchers should undertake
different variables for example perceived quality, perceived price and perceived service to
measure the impact of CPV on customer satisfaction in National automobile in Malaysia.
Furthermore, it is recommended that future researchers should increase the size of sample by
widening the research context to ensure reliability and validity of the results. These aspects
would basically help to frame more valid outcomes and assess the areas where Malaysian
national cars are lacking and should try to improve its business functions.
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