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Understanding price sensitivity is critical to the development of successful new products and services, and repositioning of existing brands. Several different research methods are commonly used in pricing research. Four common techniques are the van Westendorp Price Sensitivity Meter, Concept Evaluation, Conjoint Analysis and Discrete Choice Modeling. Each has their strengths and limitations. We generally recommend Discrete Choice Modeling for "price only" studies, or where brand is a major area of interest. Further, we suggest using ratings based Conjoint Analysis, or a hybrid, to address the concerns of a large number of product attributes to be evaluated, including price, and the trade-offs customers are willing to make between price and other product or service features. Using bridging designs, we can combine ratings and choice based methods. In addition, recent advances in Bayesian methods now allow disaggregation of choice based methods.
For additional information on MarketVision's capabilities in Pricing Research, please email:
info@mv-research.com
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