The Perception Of Value

The perception of value is a function of three elements: (1) Quality; (2) Quantity; and (3) Price. Value to the customer is enhanced by an increase in the quality of the food or beverage; the product presentation; the service; ambiance and decor; the size of the portions; and the price. Value perceptions are relative. A higher-priced meal can constitute a value just as much as a lower-priced meal, depending on whether it is an eat-in or dine-out occasion.