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 can happen to perceived value if a product does not meet customer expectations?

Explain how price influences the perceived quality of a product.