GENERAL KNOWLEDGE

Detailed explanation-1: -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.

Detailed explanation-2: -With a consumers’ wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction. The four types of value include: functional value, monetary value, social value, and psychological value.

Detailed explanation-3: -Customer perceived value is the notion that the success of a product or service is largely based on whether customers believe it can satisfy their wants and needs. In other words, when a company develops its brand and markets its products, customers ultimately determine how to interpret and react to marketing messages.