These days, packaging and advertising play a bigger role in the price of a commodity. It leans towards the "value-based" you mentioned, but most times, the product doesn't have more value than the other, but is priced higher than the other because of the way it was advertised and packaged.

You can see that certain goods or services sold for $20 somewhere can be sold for $100 in another place. It happens with clothes, shoes and even food in different restaurants. One doesn't have more value than the other; they're both the same, but the illusion of more value is in the presentation (packaging) and advertising.