Perceived value for money
Perceived value for money refers to the customer’s opinion on whether a product or service is worth its price. It takes into account the quality, features, and benefits of the product, as well as the price tag attached to it. Customers will evaluate the perceived value for money based on their individual needs, preferences, and budget constraints.
For example, a customer might perceive a high-end smartphone as offering good value for money because of its advanced features, durability, and brand reputation, even though it comes with a hefty price tag. On the other hand, a budget-friendly smartphone with basic features might be considered a better value for money for someone looking for a more affordable option.
Businesses can influence customers‘ perceived value for money through various strategies, such as offering discounts, bundling products, providing excellent customer service, and highlighting the unique selling points of their products or services.
Ultimately, perceived value for money plays a crucial role in customers‘ purchasing decisions and can significantly impact a company’s overall success in the market.
For more information on perceived value for money, visit Wikipedia.