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What is customer value-based pricing? Describe the two types of value-based pricing.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision.
Simulation Heuristic
A cognitive process where individuals predict outcomes based on how easily they can imagine an alternative scenario.
Attention Bias
The tendency of an individual's perception to be affected by their recurring thoughts at the expense of other stimuli.
Representativeness Heuristic
The tendency to make judgments about group membership based on physical appearances or the match between a person and one’s stereotype of a group rather than on available base rate information.
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