Question

If the actual experience of a customer with goods is more than the _______, the customer will be satisfied.
1. product value
2. maximum value
3. minimum value
4. perceived value

Answer 1

Correct Answer - Option 4 : perceived value

If the actual experience of a customer with goods is more than the perceived value, the customer will be satisfied.

Perceived Value:

• The perceived value of a product is the value that is determined by the customer's point of view.
• Every customer has their own point of view for the product keeping in mind the advantages and features of the product, capacity to satisfy the needs, and other factors. This leads to a certain value being created in the mind of the customer.
• The customer assumes a certain price for the product. The perceived value of the product is usually created in the minds of the customers by comparing the substitute product. The marketing professional tries to influence the perceived value of the product through different measures like describing the attributes of the product superior to that of the competitor.
• If the firm clearly understands the perceived value, then the main purpose is achieved. The pricing decisions are often influenced by the perceived value of the product. In some cases, the price of a product or service may have more to do with its emotional appeal than with the actual cost of production.
• The marketing of a product or service involves attempting to influence and increase its perceived value, which can emphasize qualities such as its aesthetic design, accessibility, or convenience.

1. Product Value: Product value is referred to the amount of benefit that a customer gets by the consumption of the product. It includes all the satisfaction derived by the use of the product after deducting the associated costs of the product.
2. Maximum Value: Maximum value of a product is referred to the maximum expected satisfaction derived by the use of the product. It is this value that the company tries to focus on. 
3. Minimum Value: The minimum value of a product is the least expectation that a customer possesses from a certain product. It is the lesser part of the expectations from a product that the customers have from a particular product.