The 'IKEA effect' suggests that when consumers invest effort into a product, such as assembling furniture, they perceive it as more valuable, which can also apply to other products like meal kits.

Creating perceived value is essential; it can be achieved through storytelling and psychological mechanisms, which can make products feel more valuable and enjoyable to consumers.

Creating a compelling unboxing experience can significantly enhance the perceived value of a product, as seen in luxury brands that invest in high-quality packaging.

Creating perceived value is a key responsibility for businesses; it involves enhancing the experience and presentation of products to ensure they are appreciated by consumers. For example, I always tell KFC to share the story of Colonel Sanders founding the company at age 65, highlighting his years of perfecting the chicken recipe, which adds depth to the brand's narrative.

Perceived value is an environmentally friendly form of value creation, as it often requires less resource consumption compared to physical improvements, like making a product larger or faster.

In marketing, creating a narrative around a product can enhance its perceived value, as demonstrated by the difference between cheap strawberries and pick-your-own strawberries, where the latter feels more valuable due to the effort involved.

The way we perceive prices and value is highly contextual and can vary significantly based on comparison and expectations.

When a product isn't selling well, raising the price can sometimes lead to increased demand, as it may create a perception of higher value.

Psychological value is crucial in marketing; it can create a more enjoyable experience for consumers, which is often more effective than focusing solely on technological improvements.