Perceived value refers to the subjective worth or importance that a consumer places on a product or service. It is the perception of the benefits and satisfaction that a consumer believes they will receive from purchasing and using a particular product or service. This perception is influenced by various factors such as brand reputation, quality, functionality, and price. Perceived value is a crucial aspect of consumer behavior and can greatly impact their purchasing decisions. It is often used by businesses to differentiate their products and services from competitors and create a positive perception in the minds of consumers. Ultimately, perceived value is what drives a consumer to choose one product or service over another, making it a key factor in the success of a business.