Perceived value is the customer's evaluation of the worth of a product or service, influenced by their expectations, experiences, and comparisons with alternatives. It plays a critical role in purchasing decisions, as it determines the amount a customer is willing to pay, often surpassing the actual cost of production.

Perceived Value

Perceived value

Customer evaluation

worth of a product

Worth of a service

Customer expectations represent the preconceived notions and standards that consumers have regarding the quality, service, and value they anticipate from a brand or product. Meeting or exceeding these expectations is crucial for customer satisfaction, loyalty, and competitive advantage.

Customer Expectations

Customer Experiences

comparisons with alternatives

Purchasing decisions are influenced by a complex interplay of psychological, social, and economic factors that affect how consumers evaluate and choose products or services. Understanding these factors can help businesses tailor their marketing strategies to better meet consumer needs and drive sales.

purchasing decisions

amount a customer is willing to pay

actual cost of production

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Crafting Compelling Value Statements

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Relevant Degrees

Your Lessons