Ok, due to popular demand (haha, i've always wanted to say that), i thought i would start this thread up. I actually have an exam later today so i'll keep it fairly brief for now.
As with any academic discussion we need to start with a definition. Perceived value is the value that a customer/client is willing to pay for a product or service. For marketers, basically Profit = Perceived Value - Costs. So a marketer can either try and reduce costs (which can only be done to a point), or increase the perceived value of the brand (which, in theory, can have unlimited upside).
How do i do it? You ask. Good question. If i knew the answer i wouldnt be here As with most things in business, there is no right or wrong way to go about it. The theory is simple, provide something that doesnt cost much, but that consumers are willing to pay a high price. Methods used to create this value are varied, depending on the actual product. It could be high quality, it could be well advertised, it could be low quality but deemed 'cool'. As i said there are infinite combinations, it seems to be more of a case of "trying lost of things and keeping what works" (to quote Pauling).
Luxury brands. Its interesting to note, that now days the quality is often not that much better than other products, yet people are still willing to pay for the brand. 'Pop' culture and media plays a part in this.
Toyota and Lexus. This is a classic uni example. A lexus isnt that different to a toyota (car buffs may argue, but i dont know much about cars). Lexus have more leather, finer tuned engines etc, but the effort that goes into that tweaking is massively rewarded by the significantly higher price people pay for Lexus'. Interesting to note that if Toyota bought out a Lexus, but branded as a Toyota, it wouldnt fetch the price premium. This shows the importance of branding. Sometimes its better to start a new brand, than try to drastically change the image of an already established brand.
I seem to be rambling on, in typical academic fashion, so i'll leave it at that.