Perceived value is measured by the price the public is willing to pay for a good or service. The marketing of a product or service involves attempting to influence and increase its perceived value, which can emphasize qualities such as its aesthetic design, accessibility, or convenience.

What is an example of perceived value?

Customer perceived value defined

When making a purchase, a customer values a product's benefit higher than its function. For example, a customer doesn't buy a drill to have a drill. He buys a drill to have the capacity to make holes.

What is customer perceived value and how is it determined?

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.