Perceived product value describes consumers’ overall assessment of a product. It considers the extent to which a product meets the needs and expectations of a consumer. Product value perceptions can be understood as a trade-off between quality and price. However, more nuanced definitions consider the complex nature of perceived product value and refer to its dimensions, i.e., emotional (generated feelings), social (enhancement of social self-concept), quality/performance (quality and performance expectations) and price/value for money (product utility and product costs). Perceived product values explain consumer choices and behavior; thus, they help marketing professionals determine the best strategies for marketing and positioning their products.
