Perceived value is based on how much money the consumer or business believes the product is worth. It is the marketer’s responsibility to generate a positive perceived value of the company’s products. Whether marketing a service or a product, the results are similar in that both rely on the consumers’ perception of the company’s or individual’s expertise, quality, and reputation.
If your business and your competitors are to sell the exact same item, built exactly the same way, and from the same materials, it is likely that the business with the better brand value reputation can sell the item at a higher price because of the perceived value by the consumer.
If your customer perceives the value of your product high, the customer will likely show more interest and loyalty. The customers’ perception of your company’s customer support, trust, loyalty, and product quality determine the products value.
Dr. Elijah Clark (October 18, 2016). Building your perceived value [Web log post]. Retrieved from http://elijahclark.com/building-your-perceived-value/