I disagree with this completely.

Did you buy it because price wasn't important to you and it was on a more convenient shelf? General Mills paid for that shelf space out of their marketing budget, so the added value was convenience.

Did you buy it because your kid likes the cartoon bee and wouldn't eat any other cereal? Then the added value was entertainment. This is the same value you get when you buy a movie ticket.

What about when someone buys shoes from Gucci as opposed to loafers from Kmart? The consumer is paying for the marketing, without question. But they're getting something for their money - self esteem, status, etc.