Perceived quality/esteem
Perceived quality refers to the consumer’s opinion of a product or service based on its attributes and performance. It is influenced by factors such as brand reputation, price, and customer reviews. A product with high perceived quality is likely to be viewed favorably by consumers and may command a higher price in the market.
Perceived esteem is closely related to perceived quality, but it refers to the emotional response or status associated with a product or brand. Consumers may perceive a product as prestigious or exclusive based on factors such as design, packaging, and advertising. Products with high perceived esteem are often sought after by consumers who value luxury or status symbols.
For example, luxury car brands like Mercedes-Benz and BMW are known for their high perceived quality and esteem. Consumers are willing to pay a premium for these brands because they are perceived as prestigious and reliable. On the other hand, generic or budget brands may have lower perceived quality and esteem, leading to lower sales and market share.
Examples of perceived quality/esteem:
- Apple products are known for their high perceived quality and esteem, with customers willing to pay a premium for the brand.
- Designer fashion brands like Gucci and Louis Vuitton are associated with luxury and exclusivity, leading to high perceived esteem among consumers.
- Fast food chains like McDonald’s and Burger King may have lower perceived quality compared to upscale restaurants, but they appeal to consumers looking for convenience and value.
Overall, perceived quality and esteem play a crucial role in shaping consumer preferences and purchasing decisions. Companies that focus on building a strong brand image and delivering high-quality products are likely to succeed in the competitive marketplace.
For more information on perceived quality and esteem, you can visit Wikipedia.