Question

 Discusses the importance of the marketing function in creating perceived value. 

Answer 1

Perceived value of a product or service is how the customer perceives or believes about the product or service. Perceived value can be in terms of quality, look, touch , customer service, utility and appeal. Marketing serves as an important in creating perceived value to the consumer. Marketing provides the information to the customer to make an informed choice and it also involves convincing the consumer to try the product or shift from what he is already using. Marketing assists in influencing customer decisions regarding purchase or sale of the good or use of a service.