If all perceptions aren't equal, by what means is the value of each perception determined?

The value or significance of each perception is determined by a complex interplay of various factors, which can be categorized into internal and external influences.

Internal Factors

• Past Experiences: Previous encounters, cultural background, upbringing, and education shape expectations, values, and attitudes, influencing how individuals interpret new stimuli25.
• Cognitive Processes: Attention, memory, and categorization play crucial roles in selecting, organizing, and interpreting sensory information. Selective attention focuses on specific stimuli, while memory aids in interpreting new information based on stored knowledge25.
• Motivation and Interests: An individual's needs, desires, or goals direct their attention to specific stimuli and influence what they notice and interpret2.
• Emotional State: Emotions can enhance or diminish the impact of a stimulus, affecting how it is perceived. A positive mood, for example, may lead to more favorable perceptions25.
• Beliefs and Attitudes: Pre-existing beliefs, values, and attitudes shape perception. For instance, a positive attitude towards a brand can lead to more favorable perceptions of its products5.

External Factors

• Physical Environment: The physical surroundings, such as lighting, noise, and temperature, can affect perception. For example, a dimly lit room can make objects appear less clear5.
• Social and Cultural Factors: Cultural norms, values, and social expectations significantly influence perception. Different cultures may interpret the same stimulus differently due to varying beliefs and traditions25.
• Context and Environment: The context in which a stimulus is presented can alter perception. The same stimulus may be perceived differently depending on the surrounding circumstances25.
• Media and Technology: The way information is presented through media channels or technological advancements can influence how individuals perceive certain issues or products25.

Perceived Value in Marketing

In the context of marketing, the value of each perception is often determined by how it aligns with the customer's needs, expectations, and willingness to pay. Perceived value is the customer's evaluation of a product or service's merits and its ability to meet their needs and expectations, which can be influenced by factors such as convenience, benefit, utility, security, brand, and service14.

Types of Value

Customer value can be categorized into four main types:

• Functional Value: Related to the practical benefits of a product or service.
• Social Value: Associated with social status or social media clout.
• Monetary Value: Concerned with the financial benefits or cost savings.
• Psychological Value: Linked to emotional satisfaction or personal fulfillment1.

These factors collectively determine the value and significance of each perception, making it a highly subjective and individualized process.