Price studies

1. Testing the price in relation to product concept:


    Test outcome:
    • The optimum price of the product
    • The number of potential customers for each price segment

    Price sensitivity measurement (PSM) - determining the optimum price of the product and the acceptable price limits.

    Application of this technique is possible both for the existing products and for the new products’ concepts.

    Test outcome:
    • The optimum price of the product (as determined by the greatest number of customers)
    • The price interval acceptable for the majority of customers (the one that specifies the range of possible price change for the product, outside which the fall of the demand within one consumer category will be much more significant, than the growth of demand within the other category).

2. Testing the price in the context of competitive prices


    The purpose of the study is to determine the optimum price for the product considering the price policy of the competitors in the close to real life environment.

    Opportunity to determine the price for the product, taking into account:
    • Current prices of the competitors for the several versions of the product
    • Prospective changes of the competitors' price

    3. Conjoint Analysis

  • The Conjoint analysis is designed for estimation and comparison of product attributes for revealing the ones, which render the greatest influence on the decision to make a purchase. The results of the conjoint analysis allow to choose the optimum combination of the product characteristics for the consumers leaving the product in the acceptable price range:
    • importance of each attribute
    • attitude of respondents to each variant of every attribute
    • grouping respondents by their attitude towards attributes - identification and description of segments
    • determining the share of the market for a new product in relation to existing products
    • selecting the optimum version of a product

Test outcome: optimal price for the product in the competitive environment.

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