Definitions of perceived value

Researchers used different terms to define the construct of perceived value, although most of them meant the same concept (Woodruff 1997). Based on ninety marketing-related articles, Woodall (2003) found eighteen different names for the value consumers derive from buying and using the product. The most commonly used marketing terms of value:

Less frequently used value terms are:

There are a number of perceived value definitions that have been used in the literature;

Despite the varying terms and definitions, the following commonalities among these definitions stand out:

  1. Perceived value is inherent in or linked through the use to some product, service or object,
  2. Perceived value is something perceived by consumers rather than objectively determined,
  3. Perceptions of value typically involve a tradeoff between what the consumer receives and what he or she gives up to acquire and use a product or service (Woodruff 1997).