Definition of Perceived value:
In marketing terms, perceived value is the customer's perception of the benefits of a product or service and the ability to meet their needs and expectations, especially their peers.
Consumer feedback on a product respects it. It may or may not be much less than the market price of the product and depends on the product's ability to meet your needs or requirements.
Marketers try to influence the perceived value of a product for consumers by defining features that make it superior to the competition.
How to use Perceived value in a sentence?
- The value obtained is how consumers decide the quality or convenience of the product rather than the competition of their product.
- Marketing a product or service is about influencing its perceived value.
Meaning of Perceived value & Perceived value Definition