Customer Perceived Value Flashcards, test questions and answers

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What is Customer Perceived Value?

Customer Perceived Value is a concept in marketing that refers to the perceived value of a product or service from the perspective of the customer. It is based on what customers believe they are getting for their money and how this compares with other products or services available. Customer Perceived Value takes into account all aspects of product features, quality, price, and delivery time. It also considers subjective factors such as brand reputation and customer reviews when determining value perception.The concept of Customer Perceived Value has become increasingly important as competition between businesses intensifies and companies strive to differentiate themselves by offering greater value to customers. Companies recognize that customers are more likely to purchase products or services if they perceive them as being worth more than others on the market. As such, businesses use Customer Perceived Value as a tool to evaluate potential new offerings and understand how current offerings can be improved upon in order to better meet the needs of their target audiences.One way businesses can improve Customer Perceived Value is by providing extra benefits beyond basic features or functionalities. This could include things like extended warranties, loyalty programs, discounts or freebies offered alongside a purchase, or even personalized support from experienced professionals who offer advice tailored specifically for each client’s specific needs. Additionally, businesses should ensure that their pricing models reflect the actual value provided so that consumers don’t feel taken advantage of when making purchases this will help build trust in your brand over time and lead to greater satisfaction from customers overall. Ultimately, it’s important to remember that Customer Perceived Value isn’t just about providing tangible perks it also involves creating an enjoyable experience through attentive customer service and effective communication across all channels (including social media). By understanding what drives consumer perceptions around your business’s offerings you can take steps towards delivering real world results which have positive impacts on both sales figures and customer lifetime values alike.