ENTREPRENEURSHIP

Detailed explanation-1: -The perceived benefits are directly related to the price-value equation; some of the possible benefits are status, convenience, the deal, brand, quality, choice, and so forth.

Detailed explanation-2: -Perceived benefits can be derived from five value sources: functional, social, emotional, epistemic, and conditional. Perceived costs can be seen as having three elements: monetary, time, and psychic. To better provide value to customers, it may be necessary to segment the market.

Detailed explanation-3: -Customer perceived value is important because marketing professionals can use the idea to predict how a consumer may view a product. When the perceived value of an item increases, the business or company can price it higher or sell more units, both of which result in higher profits.