2 minutes to read. By author Michaela Mora on October 29, 2010 Topics: Price Research, Business Strategy, Market Research, New Product Development
Setting the optimal prices for products or services is one of the most challenging decisions a business makes. You must consider:
It still surprises me when I encounter entrepreneurs who only focus on cost and competitor’s pricing, making assumptions about customers’ willingness to pay without any real research.
For most product categories, there are at least three customer types in pricing attitudes:
To set optimal prices, businesses should conduct primary research to identify customer pricing segments and determine what product/service attributes and benefits may drive demand in the context of the competitive landscape.
There are two main categories of pricing research methods:
If done right, pricing research can really help a business to set the optimal prices that lead to growth and profits
As published on October 29, 2010 by the Dallas Business Journal
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