Mediating effect of program loyalty on the relationships between value perception and relationship investment on customer loyalty

This research examined the mediating effect of program loyalty on the relationships betweenvalue perception and relationship investment on customer loyalty in the context of a servicesretailer. We found that program loyalty mediates the relationship between the predictorvariables and customer loyalty, suggesting that implementing loyalty programs is useful forencouraging customer loyalty. Our results also empirically support the positive relationship between the value perception of a loyalty program and customer loyalty