What is percived value?

Perceived value refers to the worth that a consumer assigns to a product or service based on their perceptions, experiences, and beliefs, rather than its actual cost or intrinsic value. This concept is influenced by factors such as branding, quality, customer service, and personal needs. Businesses often aim to enhance perceived value through marketing strategies, packaging, and customer engagement to differentiate their offerings in a competitive market. Ultimately, higher perceived value can lead to increased customer loyalty and willingness to pay a premium price.