Innovation Management
Perceived value refers to the worth that a product or service holds in the mind of a consumer, based on their perceptions, experiences, and expectations rather than the actual cost or intrinsic value. This concept is crucial for businesses as it influences customer behavior, pricing strategies, and brand loyalty. Understanding perceived value helps companies tailor their offerings to meet customer expectations, thereby optimizing pricing and enhancing competitive advantage.
congrats on reading the definition of Perceived Value. now let's actually learn it.