What is meant by consumer perceptions? How do you justify the relevance of studying perceptions when they may not accurately reflect reality? Give example(s) to illustrate your answer.

Consumer perceptions refer to the way consumers interpret, organize, and make sense of the information they receive about products, services, brands, or companies. It is the process by which consumers form opinions and attitudes based on their sensory experiences, past experiences, beliefs, and feelings. Perception influences how consumers recognize needs, evaluate options, and ultimately make purchase decisions. It involves several stages including exposure to stimuli, attention, interpretation, and retention of information.

Perceptions are subjective and may not always align with objective reality. For example, two consumers may perceive the same product differently _______ _________ ______ ___ __________ __________.
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