Describe the value -in-use pricing approach with an example

What will be an ideal response?

In industrial markets, a variation of the demand-based pricing approach is called value-in-use pricing, where the
price represents the value the product is worth in its likely usage scenario. Here, higher-priced products can still be
a good value if they result in a lower total cost of operations for the organization. For example, synthetic engine
oils, such as those from Mobil 1, can justify higher prices than conventional petroleum-based oils because they can
reduce the frequency of engine oil changes, resulting in lower total overall costs.