Michael Jones owns a Web design firm. The way Michael prices his products is to determine what consumers are willing to pay, and then he backs off a bit to provide a cushion. The method that Michael used to determine his prices is called:

Perceived-Value Pricing method OR Value-Based Pricing

Explanation:

Perceived-Value Pricing method, is where a firm sets the price of a product by considering what product image a customer carries in his mind and how much he is willing to pay for it. In other words, pricing a product on the basis of what the customer is ready to pay for it, is called as a Perceived-value pricing.

It is the same as Value-based pricing which means setting a price based on how much the customer believes what you’re selling is worth

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