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  • Essay / Value and value: the concept of perceived value

    The concept of “perceived value” has often been wrongly distinguished from other related concepts, such as “values”. Value is the result of an evaluative judgment, while values ​​speak of standards, rules, norms or ideals that serve as the source of such evaluative judgment. “Value” indicates “a trade-off between benefits and sacrifices”; what is more, an interaction between a customer and a product or service (Payne and Holt, 2001). In contrast, “values” are crucial personal beliefs that people hold about themselves and the goals they pursue. “Values” are therefore the inherent principles that are used by an individual to make a judgment of preference. These principles guide people's behavior because they reflect the ultimate desired end states of existence (Flint et al., 1997, cited in Sanchez-Fernandez and Iniesta-Bonillo, 2007). It is therefore obvious that “value” and “values” are not the same concept. However, despite the different terms and definitions, the following attributes among these explanations appear to be the same (1) perceived value is integral to or interconnected by the use of a product, service or object, (2) perceived value is somewhat perceived by consumers rather than objectively determined, and (3) value perceptions generally involve a trade-off between what the consumer gets and what the consumer sacrifices to obtain and use a product or service (Sanchez-Fernandez and Iniesta-Bonillo, 2007). The academic literature on consumer value barely addresses the influence of culture on the process by which consumers evaluate the value of products or services for specific consumption contexts. However Johnson (1998), cited in Overby et al. (2005) argues that...... middle of article ...... minimize uncertainty, thus, consumers in cultures of high uncertainty avoidance will consider the sign of prices as a factor more unfavorable than consumers in low uncertainty avoidance cultures. Since price is considered an indicator of monetary sacrifice during an exchange, this type of sacrifice is just another expression of risk where a higher price implies a higher level of risk (Meng, 2011). Price functions not only as a measure directly and negatively related to price perception, but also as a measure of product quality. Therefore, when purchasing a product or/or service, quality is an aspect that every consumer understands, but is difficult to estimate. before a purchase. Price is therefore considered by many as an overall indicator of quality, whatever the situations and products (Lichtenstein and Burton, 1989; Peterson and Wilson, 1985, cited in Meng, 2011)