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Definition

Customer-perceived value

Attracting and retaining customers can be a difficult task. Customers often face a bewildering array of products and services from which to choose. A customer buys from the firm that offers the highest customer-perceived value.

Customer-perceived value refers the customer’s evaluation of the difference between all the benefits and all the costs of market offering relative to those competing offers.

Importantly, customers often do not judge values and costs “accurately” or “objectively”. They act on perceived value.

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