Value (Marketing)

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The value of a product is the mental estimation a consumer makes of it. Formally it may be conceptualized as the relationship between the consumer''s perceived benefits in relation to the perceived costs of receiving these benefits. It is often expressed as the equation : Value = Benefits / Cost. There are parallel''s between cultural expectations and consumer expectations. Thus pizza in Japan might be topped with tuna rather than pepperoni, as pizza might be in the US; the value in the marketplace varies from place to place as well as from market to market.