Perceived Value In A Restaurant

In the world of fierce competition, customer perceived value is considered very important to get competitive lead in the market (Woodruff, 1997).The idea of perceived value evolved as the core business issue and has been receiving extensive attention through various researches till now. Organizations have started to realize that perceived value is an important element of Marketing (Mizik et al, 2003).

(Slater 1997, pp. 166) submitted that every organisation require and must provide a good perspective to customers point of view for the success of the organisation. Every customer has one or more reasons for purchasing any product or patronizing any service. It is dependably the client who characterizes what is significant and what is not since

Definition:

Perceived value” is an important marketing concept. It lies at the heart of marketing and deals solely with the customer 's perception of a product (Walter Johnson, 2015). The perspective as which every customer see things are different from each other. Customer Perceived Value should easily refer to the extent to which a customer believes that a given product will satisfy his or her needs.

The satisfaction of customers need based on the product and service offered by a company in relation to their brand and marketing from customers’ point of view is known as perceived valued. According to service-dominant logic, customer value is defined as an overall evaluation of products or services based on perceived benefits and sacrifice (Holbrook, 2006; Noble and Griffith, 2005).

3. Customer Perceived Value of Fast food

In buying food in a restaurant we tends to lose a lot of nutrients. A well-balanced food contains all essential elements which are necessary for human development.

Another important perceived value of visiting fast food is monetary benefits. Fast food provide food on the table especially for the singles and those that lives alone can eat at low cost (Vorley, 2008). Without any iota of doubt, the main advantage of fast food is the fact that it saves time. This is made possible as the fast food will provide the food serve in a twinkle of an eye unlike cooking at home, there will be a need to carry out shopping before you can start to prepare the food whereby within a little time you would have gotten the food served (Graham et al, 1994).

However, there are numerous number of drawbacks that comes with it, such as time spent on visiting supermarkets. Since supermarkets are big in nature, customers are forced to spend a lot of time in the floor selecting items and time is often scarce, this is a big disadvantage. (Waldfogel & McLanahan,