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The importance of relationship marketing (RM) as a strategic driver of strong long-term customer relationships is widely recognized. However, we still know little about when retail managers should invest in relationships to generate increased returns. Drawing on RM theory, this study aims to examine how perceived relationship investment (PRI) influences customer loyalty through the mediation of perceived value in a retail setting. It also explores the moderating role of consumer relationship proneness (RP) in the PRI–perceived value relationship. This study empirically assessed the theoretical model using a partial least squares structural equation modeling (PLS-SEM) approach. The results reveal that PRI directly influences perceived value and customer loyalty. Perceived value mediates the effect of PRI on customer loyalty. RP moderates the PRI effects. Based on these results, retail managers can develop strong long-term relationships by directing their efforts toward relationship-prone consumers in order to enhance perceptions of relationship investment, which leads to enhanced perceptions of value, thus improving customer loyalty.

journal of strategic marketing

How perceptions of relationship investment influence customer loyalty: the mediating role of perceived value and the moderating role of relationship proneness