Lawrence recently bought a brand new '69 Mustang, but he is not completely satisfied with it. He wishes he should have bought something that made a bigger impression on his colleagues at his posh Wall Street office. Lawrence's friend Howard, on the other hand, bought a Porsche 911 and is extremely happy with it. All his friends admire his car that makes Howard even more proud of his purchase. From the marketing point of view, which of the following concepts has contributed to Howard feeling satisfied with this car?
A) Residual value of the car
B) Actual value of the car
C) Perceived value of the car
D) Salvage value of the car

Question

Quizplus · Accepted Answer

Perceived value is the value that a customer perceives in a product based on their own beliefs, expectations, and experiences. In this case, Howard's perception of the value of his Porsche is high because he believes it is impressive to his colleagues and friends. This perception contributes to his satisfaction with the purchase.

Lawrence Recently Bought a Brand New '69 Mustang, but He