Price must exceed cost to make a profit, but price cannot exceed the customer's perception of value or you will have difficulty selling the product. you are considering basic methods for determining price, either a cost-based approach or a value-based approach. although both cost and customer perceptions of value are important, for now you focus on one aspect. to make a decision, you ask the v. p. of finance and the v. p. of customer service for advice. listen to their opinions, and then decide which approach you would like to take to evaluate the best price. once you choose an approach, you will use it to determine what to do next?