According to Business Dictionary “perceived value” is as follows: “A customer’s opinion of a product’s value to him or her. It may have little or nothing to do with the product’s market price, and depends on the product’s ability to satisfy his or her needs or requirements.
A few things to keep in mind about perceived value when structuring your business plan:
- How important is the price?
- Your core activities should take center stage.
- Without a solid foundation your brand wont be sustainable.
- A compelling story always has a big impact.
This infographic explores the psychology behind perceptions, noting trends, marketing practices and different attitudes. Including how lobster went from prison food (at one time fetching $0.11/lb) to fine dining, how people are more likely to purchase items that are priced in a certain way, and how we experience more pleasure from a wine we’re told costs more. Understanding perceived value principles can be very useful when planning business strategies.
Infographic produced by Vouchercloud