BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In marketing terminology, perceived value is the customers’ evaluation of the merits of a product or service, and its ability to meet their needs and expectations, especially in comparison with its peers.

Detailed explanation-2: -Perceived product benefits exist on three levels: physical, logical, emotional. For example, buying a new suit will help you stay warm (physical), land the new job for which you are interviewing (logical), and save you from the embarrassment of walking around naked (emotional).

Detailed explanation-3: -Customer Expectation: Customer expectation is an assumption in deciding the purchase. (Pre-purchase stage). Customer Perception: Customer perception is an interpretation of collective information after purchase (Post-purchase stage).

Detailed explanation-4: -Perceived value indicates how much a customer is prepared to pay for a product or service. This is determined by a product or service’s ability to meet the customer’s needs and inspire desire, especially in comparison with competitors.

Detailed explanation-5: -Perceived value refers to a customers opinion or evaluation of a product or service. The evaluation is based on how the goods or services met the needs and expectations of the customer and its costs relative to other similar goods. The quality and desirability of a product are crucial.