Some marketers mistakenly believe that when a firm utilizes value-based pricing, it must analyze how much each product feature is valued by the consumer, assign a monetary amount to each one, and then add them all up to get the product's final price.
The "economic value to customer" of value-based pricing (or customer value-based pricing) is determined by how much a consumer believes a product is worth. Rather than pricing a product based on its net costs to the seller, the seller sets the price based on its perceived worth as perceived by potential buyers in this pricing method.
This perceived worth is also known as True Economic Value in economics.
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