"To What Extent Does the Price of a Product Dictate it’s Perceived Value?"
An overview of my final year dissertation.
Conclusion
There are multiple factors which influence consumer value perception. The most influential factors uncovered were price and utility. Consumerism is the means of survival for human beings, hence a product’s value is assessed based on it’s ability to meet one’s needs and carry out it’s specified task. Humans are also conditioned to associate price with value which is an initial conjectural response amongst consumers. However, each individual has their own unique wants, needs, values and habits which play a bigger role in the final judgement and perception of the proposed price.
Poster Image References
Hand Holding Heart: Clipart (2020). Drawing Of A Hand Holding A Heart. [image] Available at: https://www.clipart.email/clipart/drawing-of-a-hand-holding-a-heart-158976.html [Accessed 2 Feb. 2020].
Brain Perception: Net Clipart (2020). sychology And Psychological Clipart Of Mind, Activity - Brain Clipart Transparent Background. [image] Available at: https://www.netclipart.com/isee/moxmxm_psychology-and-psychological-clipart-of-mind-activity-brain/ [Accessed 2 Feb. 2020].
Price Icon: Vector Stock (2020). Dollar Money Icon with Bag vector image. [image] Available at: https://www.vectorstock.com/royalty-free-vector/dollar-money-icon-with-bag-vector-2193206 [Accessed 2 Feb. 2020].
Utility Icon: Icon Finder (2020). Business, maintenance, pixel icon, setting, setup, thin line, utility icon. [image] Available at: https://www.iconfinder.com/icons/1454821/business_maintenance_pixel_icon_setting_setup_thin_line_utility_icon [Accessed 2 Feb. 2020].
Scarcity Icon: Dreamstime (2020). Scarcity Illustrations & Vectors. [image] Available at: https://www.dreamstime.com/illustration/scarcity.html [Accessed 2 Feb. 2020].
Self Expression Icon: Icon Finder (2020). Confidence, faith, leader, self, trust icon. [image] Available at: https://www.iconfinder.com/icons/2820460/confidence_faith_leader_self_trust_icon [Accessed 2 Feb. 2020].
Businessman: Vector Stock (2020). Standing business man teacher pointing with vector image. [image] Available at: https://www.vectorstock.com/royalty-free-vector/standing-business-man-teacher-pointing-with-vector-22743955 [Accessed 3 Feb. 2020].
Vacuum Cleaner: Vector Stock (2020). Modern vacuum cleaner cartoon icon vector image. [image] Available at: https://www.vectorstock.com/royalty-free-vector/modern-vacuum-cleaner-cartoon-icon-vector-7320126 [Accessed 3 Feb. 2020].
Boy Thinking : Free PNG Logos (2020). Thinking PNG, Person Thinking, Emoji Thinking, Boy, Cartoon Images Free Download. [image] Available at: https://www.freepnglogos.com/pics/thinking [Accessed 3 Feb. 2020].
Shoppers: Research Live (2020). EUROPEAN CONSUMERS MOST CONFIDENT SINCE 2007. [image] Available at: https://www.research-live.com/article/news/european-consumers-most-confident-since-2007/id/5029352 [Accessed 3 Feb. 2020].
Value Co-creation Diagram: Francis, 2020. Author’s own.
Relative Importance by Attribute Bar Graph: Francis, 2020. Author’s own.
Relative Percentage of Categories for Total Recorded Purchases Pie Chart: Francis, 2020. Author’s own.
Average Spending Based on Product Categories Bar Graph: Francis, 2020. Author’s own.