Asked by Habineza Samuel on Sep 28, 2024
A company can increase the perceived value of its product by increasing the perceived benefits,increasing the perceived costs,or a combination of the two.
Perceived Value
The customer's evaluation of the benefits and costs of one product when compared with others, influencing their purchasing decisions.
Perceived Benefits
The recognized and valued positive outcomes that consumers believe they will receive from a product or service.
Perceived Costs
The costs that consumers believe they incur when making a purchase, which includes monetary, time, and psychological factors.
- Recognize the strategies for increasing the perceived value of a product.
Learning Objectives
- Recognize the strategies for increasing the perceived value of a product.
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