Definition of Pricing ResearchPricing research is used to measure the impact of price changes on demand of a product and to determine the optimal price for new products.
Pricing research is a research method which uses research techniques geared towards measuring the impact of change in prices to the demand of any product and also to determine the optimal price for new products.
Pricing research is quantitative in nature. It helps organizations find optimal price a customer is willing to pay thus helping them maximize revenue and market share.
There are four major techniques used for pricing research
- Gabor Granger technique
- Van Westendorp Price Sensitivity Monitor (PSM)
- Conjoint Analysis (also known as Discrete Choice Analysis)
- Brand Price Trade-Off (BPTO)
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Ambarish is the MD and CEO of NOVONOUS Business Consulting Pvt Ltd, a knowledge management firm. He likes sharing his experiences in the field of Market Research to those who are passionate and like exploring more about this field.
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