Pricing research [Pricer]
Pricing & Value Research Surveys
- Many businesses set their product pricing on internal factors such as the desired profit, or cost of goods sold. But the best way to price your products is to take a measure of what consumers will be willing to pay using pricing and value research surveys.
- Pricing doesn’t just dictate the dollar amount at which you will agree to part with your product. Price is communication. Price is a signal. For example, a high-end fashion designer would never agree to sell their perfume for the same price as a dollar-store aftershave, not just because their profit margin would suffer, but also because that price would signal a cheapening of their entire brand and make it less likely shoppers would be willing to spend as much on their other products.
Pricing surveys and value research are always of great interest to managers faced with determining the merits of increasing profit margins by raising prices, or the likelihood of increasing revenues by decreasing prices. You can run effective studies using a variety of research approaches, including conjoint analysis, Van Westendorp models, and price rating scales.
Knowing and applying appropriate price research is vital to ensure the objective of the setting price will be met
- Monadic Pricing Evaluations
- Gabor-Granger Methodology
- [PSM] Van Westendorp Model
- [BPTO] Pricing and Conjoint Analysis
- [BPTO] Pricing and Discrete Choice
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