Importance Of Customer Perceived Value In Consumers

Customer-perceived value is the main difference between the prospective customer’s evaluation and the perceived alternatives. This entails all the benefits and all the costs which are offered. Customer-perceived value is a marketing concept which involves branding related concepts. Once customers fulfill their needs through a product, it leads to the success of that product. To know about the customer-perceived value is to know about the difference between the benefits customers would get and the cost they would assume which can be for different reasons and choices. Marketers play a role in this saga as they can increase value of the customers offering through functional, emotional and economic benefits which can reduce costs through the process. Customers’ feelings of satisfaction or disappointment can be compared to how well a product has performed to the customers’ expectations. Products might not meet customer’s needs and so one can say there are negative effects on the product. Due to negative effects customers might not want to buy product. Once the product satisfies customers, expectations are exceeded which will see the consumer population keen on buying the product once more. According to the American Marketing Association a brand is “a name, term, sign symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.” For many firms,