Hospitality Management 23 (2004) 343–362 An extended process of value judgment Haemoon Oh*, Miyoung Jeong Hotel, Restaurant, and Institution Management, Iowa State University, 1055 LeBaron, Ames, IA 50011-1120, USA Abstract This paper shows how lodging consumers process brand and price information toward an overall value judgment. The concepts of perceived risk and price fairness are introduced as additional mediating constructs to a traditional value framework. Brand name also is redefined as to separate effects of brand class and brand awareness, and their relationships with perceived value are reexamined. Results of a web experiment generally support the proposed process of value judgment. In addition, brand class and brand awareness appear to influence value perceptions through different pathways. The article includes discussions on managerial implications and suggestions for future research. r 2004 Elsevier Ltd. All rights reserved. Keywords: Value; Brand; Price; Quality; Risk; Fairness 1. Introduction Consumers are known to form value judgments about an anticipated purchase. Studies have shown that consumers’ (high) perceptions of value are a direct antecedent of willingness to buy the product and to search for alternative brands (e.g., DoddsandMonroe,1985; Doddsetal.,1991; Grewaletal.,1998a,b; Monroe and Chapman, 1987; Zeithaml, 1988). The concept of customer value also is an important variable when developing a firm’s long-term market strategies (Parasura- man, 1997; Slater, 1997; Woodruff, 1997). As such, the concept necessitates marketers’ thorough understanding. In a general sense, perceived value is understood as perceptions resulting from consumers’ comparison between the quality and price of a product. Zeithaml (1988, p.14),forexample,definesperceivedvalueas‘‘theconsumer’soverallassessmentof ARTICLE IN PRESS *Corresponding author. Tel.: +1-515-294-7409; fax: +1-515-294-6364. E-mail addresses: hmoh@iastate.edu (H. Oh), mjeong@iastate.edu (M. Jeong). 0278-4319/$-see front matter r 2004 Elsevier Ltd. All rights reserved. doi:10.1016/j.ijhm.2003.12.005