A pricing approach that is based on the buyer's perceptions rather than the seller's costs is known as which of the following?
A) performance- based approach
B) competition- based approach
C) value- based approach
D) relationship approach
E) cost- based approach

Question

Quizplus · Accepted Answer

A value-based approach focuses on the buyer's perceptions of the product or service and its worth, rather than solely on the seller's costs or the competition's pricing. This approach takes into consideration the benefits and features of the product or service and how they can fulfill the needs and wants of the buyer. By understanding the value that the product or service provides to the buyer, the seller can determine a price that will be acceptable to the buyer and profitable for the seller.

A Pricing Approach That Is Based on the Buyer's Perceptions