Perceived value refers to the worth that a product or service holds in the eyes of consumers, based on their beliefs and experiences. It is not solely determined by the actual cost or quality but is influenced by factors such as brand reputation, marketing, and personal preferences. For example, a luxury brand may have a higher perceived value due to its exclusive image, even if its products are similar to those of a less expensive competitor. This concept plays a crucial role in consumer behavior and decision-making. When individuals believe that a product offers greater benefits or satisfaction, they are more likely to choose it over alternatives. Businesses often strive to enhance perceived value through effective advertising, customer service, and unique features, aiming to create a strong emotional connection with their audience.