Consumer perceptions of value, Marketing Management

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Consumer perceptions of value

Consumers are usually going for value. They feel that they have bought the right product to satisfy their requirements and paid a fair price for the quality of product they have bought.

The consumer perception of value is influenced by factors like:

Claims in advertising media
Clear track record or reputation of the product in the marketplace if product has been available for a long time
Referrals and suggestions from family and friends who have used the product
Merchandisers are highly aware that value motivates consumers to purchase.

Thus, the product price point is one of the significant factors considered when exhibiting a product for sale. The wrong price point, either high or very low, can affect sales negatively.

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