Value appeared in several brand equity models (Feldwick 1996, Martin and Brown 1991, Lassar et al.
1995). Lassar et al. (1995) define perceived value as the perceived brand utility relative to its costs,
assessed by the consumer and based on simultaneous considerations of what is received and what is
given up to receive it. Consumer choice of a brand depends on a perceived balance between the price
of a product and all its utilities (Lassar et al. 1995). A consumer is willing to pay premium prices due
to the higher brand equity.