Understanding The Concepts Of Price, Quality And Value...

Zeithaml, 1988 discusses about the two parameters qualities and values. How are the perception about the quality and value is formed and they are similar across consumers and products and how the consumers relate quality, price, and value in their deliberations about products and services. The objective of this paper is to define the concepts of price , quality and value from the consumer’ perspective. To work on these objectives, a review of previous research was done by an exploratory investigation of quality and value in the product category of beverages (place). Company interviews, a focus group interview and 30 in-depth consumers interviews conducted and generated qualitative data. The interview was conducted in three metropolitan areas – Southwest ,East coast and Midwest in USA. The conclusion is that the perception of consumer about the two parameter quality changes with time due to increased competition in a product category and change expectations. Due to the dynamic nature of quality the marketers must align product and promotion strategist with these changing views because products and perception change and the marketer may be able to educate consumers on a way to evaluate quality .Also the visible cues on the product can be used to evoke quality perception. Schaefer et.al,2010 discusses about differences between Chinese and U.S. consumers’ general attitudes towards ACEs(Athlete celebrity endorsers). He stated that celebrity endorsements to be an effectiveShow MoreRelatedThe Components Of Perceived Value1380 Words   |  6 PagesContents CONCEPT 1 COMPONENTS OF PERCEIVED VALUE 1 IMPORTANCE 2 EXAMPLES OF CUSTOMER PERCEIVED VALUE: 3 1. AUSTRALIAN COFFEE OUTLET INDUSTRY 3 2. ROLEX 3 3. MCDONALD’S 4 4. 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