Title: Perceived Value Definition
Headings: Perceived Value
Perceived Value
What Is Perceived Value?
Key Takeaways
Understanding Perceived Value
Types of Perceived Utility Value
Special Considerations of Perceived Value

Content: Car detailing shops and laundry services offer utility value. Time utility refers to the ease of access to a service or product, such as 24-hour service compared to 9-to-5 hours. Place utility is the convenience of the location, like a fast-food outlet that's around the corner compared to a restaurant that's 20 miles away. Possession utility refers to the ease of purchasing the product. A department store that features online ordering, home delivery, or in-store pickup is aiming for possession utility. Special Considerations of Perceived Value
A company's brand is meant to communicate a set of expectations associated with its products or services. That's why a well-established brand can command a higher price than its generic equivalents. Advil and Motrin both contain ibuprofen, but both brands are priced higher than generic ibuprofen. Luxury goods, however, carry the perception of value to another level with the addition of prestige. The highest value of luxury goods is not associated with their utility but with the prestige that owning and using it entails.