True. Value-based pricing is a pricing strategy that focuses on the perceived value of a product or service to the customer, rather than on the cost of production or the competitor's prices.
It is based on the premise that customers are willing to pay more for higher-value products or services. Value-based pricing is used to set prices that reflect the customer's perception of the product's worth rather than the cost of production. This approach can be used to differentiate a product or service from its competitors and increase profits.
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