Price

Step 1

The value the customer sees is important because marketing experts can use the concept to predict how the consumer will view the product. When the perceived value of an item increases, a business or company can pay it at a higher price or sell more units, both of which result in higher profits.

Product prices take up a considerable amount. In some cases, the price of a product or service may be more closely related to its emotional appeal than the actual cost of production.