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: The perceived utility of many products and services may differ widely even among similar or virtually identical products. There are five types of utilities that companies aim to create through marketing campaigns for products: Form utility is the aesthetic appeal of the physical design of a product. Even a utilitarian product like a frying pan can increase in perceived value because of its appealing design. Task utility is the value attached to a service that saves the customer time, effort, or money. 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.