Pricing Research to Make Sure Your Price is Right
Rabin Research price tests can help you pick the pricing that is best-suited to ensure the success of your product or service.
Many of the studies we have conducted have included a pricing research component.
In the last few years, many studies have been devoted solely to pricing issues. Products/services studied include:
- cordless headsets
- household appliances
- photographic products
- public utility services
- satellite TV
We utilize a number of pricing research tools, including…
- Price Sensitivity Measurements
- identifying consumer perceptions of the range of prices acceptable and not acceptable to determine optimal price
- Conjoint Analysis
- measuring appeal of feature/price options to determine best product-price to offer
- Discrete Choice Models
- offering brand/price/feature scenarios to determine effect of price on preference for your products vs. competitors’ products
Use of Results
The approach to take depends on several factors including timing, budget constraints and most importantly, the challenges facing Marketing Management.
- Build share?
- Maximize profits?
- Change image?
- Increase ROI?
- Retain customers?
Pricing decisions are key to these and other objectives. Don’t leave your pricing and marketing decisions to chance. Make sure your price is right.