The customers' perception of the product is referred to as the "perceived value" of the product. This refers to the customer's overall evaluation of the product, based on their subjective assessment of its benefits, quality, and price, as compared to alternative products or brands. Perceived value can be influenced by a variety of factors, such as marketing messages, product features, customer service, and brand reputation. Ultimately, it is the perceived value that determines whether a customer decides to buy a product or not.