Customer's perception of value is an ultimate measure of work performance to successfully implement the marketing concept.
According to marketing jargon, perceived value refers to how well a product or service meets the wants and expectations of the client, Perceived value particularly when compared to similar products and services in the market.
By outlining the features that set a product apart from the competition, marketing marketers want to sway buyers' perceptions of its worth.
The cost that customers are willing to pay for a commodity or service Perceived value determines its perceived worth. Even a hasty choice made in the middle of a retail aisle requires weighing a product's marketing potential to satisfy a need and satisfy that demand against similar products sold under different brand names.
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