Three seven-point items assess the perceived value of a loyalty program's reward structure, covering the cash value of rewards, the likelihood of actually obtaining those rewards, and the desirability of the rewards offered. The scale was developed to investigate how program value perceptions influence program loyalty and brand loyalty.
Yi, Y., & Jeon, H. (2003). Effects of loyalty programs on value perception, program loyalty, and brand loyalty. Journal of the Academy of Marketing Science, 31(3), 229–240.
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