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: Key Takeaways
Perceived value is a customer's own perception of a product or service's merit or desirability to them, especially in comparison to a competitor's product. Perceived value is measured by the price the public is willing to pay for a good or service. The marketing of a product or service involves attempting to influence and increase its perceived value, which can emphasize qualities such as its aesthetic design, accessibility, or convenience. Understanding Perceived Value
Perceived value comes down to the price the public is willing to pay for a good or service. Even a snap decision made in a store aisle involves an analysis of a product's ability to fulfill a need and provide satisfaction compared to other products under different brand names. The work of the marketing professional is to enhance the perceived value of the brand they are selling. The pricing of products takes perceived value into consideration. In some cases, the price of a product or service may have more to do with its emotional appeal than with the actual cost of production. Even a snap decision made in a store aisle involves an analysis of a product's perceived ability to fulfill a need and provide satisfaction. Types of Perceived Utility Value
Marketers who want to influence the perceived value of a product define its attributes in terms of its utility, or the extra benefits and values that the customer expects to get in using it.