Perceived Value

The video tutorial discusses the importance of marketing communication in conveying value to customers. It introduces the concept of perceived value, which is a customer's evaluation of a product compared to others, based on how well their expectations are met. The tutorial emphasizes that perceived value is influenced by the alignment of price and quality, using the example of a hamburger to illustrate how price sets expectations for quality. Ultimately, the perceived value can vary depending on whether there is a match between price and quality.

What is the primary goal of marketing communication according to the video?

• To ensure customers perceive value in the products

• To increase product prices

• To reduce production costs

• To expand the product line

How is perceived value defined in the video?

• As the brand popularity of a product

• As the number of features a product has

• As a customer's evaluation of a product compared to others

• As the actual cost of a product

What happens to perceived value if a product meets customer expectations?

• It decreases

• It increases

• It remains the same

• It becomes irrelevant

According to the video, what role does price play in perceived value?

• Price sets the expectation for quality

• Price has no impact on perceived value

• Price is only important for luxury items

• Price determines the brand's market share

In the hamburger example, what does a higher price suggest about the product?

• It will be less tasty

• It will be unhealthy

• It will be smaller in size

• It will be substantial and tasty