Perceived value is the value that a customer assigns to a product or service based on their own personal perception of its worth. It is the customer's subjective assessment of the utility of a product or service and how it compares to competing products or services.
Perceived value is a concept in marketing that refers to the overall value that a customer believes they are getting from a product or service. It is based on the customer’s perception of the product or service, and is not necessarily based on the actual value of the product or service. Perceived value is an important concept in marketing because it can influence a customer’s decision to purchase a product or service.
Perceived value is determined by a variety of factors, including the quality of the product or service, the price of the product or service, the customer’s perception of the brand, the customer’s experience with the product or service, and the customer’s perception of the value of the product or service relative to other similar products or services.
The concept of perceived value is closely related to the concept of customer satisfaction. Customer satisfaction is the degree to which a customer is satisfied with a product or service. It is based on the customer’s perception of the product or service, and is not necessarily based on the actual value of the product or service. Customer satisfaction is an important concept in marketing because it can influence a customer’s decision to purchase a product or service.
Perceived value is also closely related to the concept of customer loyalty. Customer loyalty is the degree to which a customer is loyal to a particular product or service. It is based on the customer’s perception of the product or service, and is not necessarily based on the actual value of the product or service. Customer loyalty is an important concept in marketing because it can influence a customer’s decision to purchase a product or service.
In conclusion, perceived value is an important concept in marketing that refers to the overall value that a customer believes they are getting from a product or service. It is based on the customer’s perception of the product or service, and is not necessarily based on the actual value of the product or service. Perceived value is closely related to the concepts of customer satisfaction and customer loyalty, and can influence a customer’s decision to purchase a product or service.