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Concept Of Perceived Value Perception And Its Impact On Consumer Oriented

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Introduction
According to David Marcer marketing in general can be defined as a procedure that must be employed to understand, anticipate and satisfy the needs of the customer in a profitable way. The main purpose of marketing is to create a public awareness among the people about a product or service which will help a company to promote its product sales and reputation. (Mercer 1996). For this essay, I will be looking at the concept of perceived value and the importance to consumer behaviourism and how marketing plays a big role in this. I will also be discussing this theory and will link them with practical examples on how consumers perceive these various brands and how this will then impact their behaviour on purchasing.

Value
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For example, the purchasing of an eveningwear differs in its entirety depending on how conservative their families are towards the appearance of their children in a social setting (Baek et al. 2010). Social factor is usually dependent on the acceptance of a particular social group. For example, in school, certain children are accustomed to purchasing goods from a particular brand that is considered ‘cool’ and if you are not conformed to this ideology, you are then taken as an ‘outcast’. Personal factors are entirely based on the personal perception of ones take on the social enterprise. This also involves with the brand factor on their personality and how will they want to be perceived by their inner circle and/or the community itself. Perceived value is a context of relationship between a consumer and a product. For the most part, consumers do play the part where they are aware of the true cost of production for the certain products that they purchase (Fernandez et al 2007). Instead, their feeling of how much is a product worth to them is reflected in their purchase habit. This perceived value of a consumer does not resolute within the spectrum of which the organisation is in a market standpoint but on whether if these marketed products are able to satisfy the needs of their consumers. Lack of research on consumers perspectives on products are
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