A pricing study identifies the best pricing for the product or service.
It is typically conducted during the product development phase but can also be relevant when an already existing product or service needs adjustments to meet market needs.
The purpose is to identify the best price range for one or moreproducts or services based on consumer preferences. Through balancing the product or service price against consumer expectations, a pricing study will provide the foundation for maximizing profits for a new or adjusted product or service.
With a pricing study, you will not only gain insights on the optimal price for your product, but also get an overview of the price elasticity.
We apply recognized methods to analyze pricing preference data, such as the Gabor–Granger method and Van Westendorp's Price Sensitivity Meter.