Lawrence recently bought a new luxury car, but he is not completely satisfied with it. He now wishes he had bought something that would have made a better impression on his colleagues. Lawrence's friend Howard, on the other hand, bought a secondhand sedan and is extremely happy with it. Howard becomes even more proud of his purchase when his friends compliment his car. From the marketing point of view, which of the following concepts has contributed to Howard feeling satisfied with his car?
A) The residual value of the car
B) The actual value of the car
C) The perceived value of the car
D) The salvage value of the car

Question

Quizplus · Accepted Answer

The perceived value of the car refers to the worth that a consumer assigns to a product based on their perception, which can be influenced by factors like compliments from friends, leading to Howard's satisfaction.

Lawrence Recently Bought a New Luxury Car, but He Is