Price should be based on the value that the customer perceives as giving them a good value for the product they receive.

Question

Quizplus · Accepted Answer

Price should be based on how much value the customer perceives they are getting from the product or service, rather than just being set arbitrarily or based solely on production costs. Customers are willing to pay more for products that provide them with greater perceived value, such as higher quality or additional features. Pricing based on value perceptions helps companies stay competitive and maintain customer satisfaction.

Price Should Be Based on the Value That the Customer