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Praktika / Praktika Price

Praktika Price

• 

  What is
  the best price?

  Price - one of the basic properties of the product. It is important to know not only consumers requirements, but what price they are willing to pay

Helping to find the optimum price whether you need to increase revenue or increase market share

	Optimal price analysis
	Study the perception of the level of prices in the target audience. Determine the effect on the price range of the product in a competitive environment.

	Competitive pricing strategy
	Define the effect of the price of the product selection in a competitive environment.

	Evaluation of the price elasticity of demand (PED)
	Calculate possible changes in demand depending on the price of the product or the product of a competitor.

Download research brief

Action plan

Define competitive products and pricing intervals for testing

Conduct field research

Provide a detailed study report

Study report contains

•Information about the perception of the price of the test products

•Data on the price elasticity of demand

•Recommendations on the optimal price range

 

Download sample report (testing prices for cosmetic)

 

Methods

Brand Price Trade-Off (BPTO)

In applying BPTO (Brand Price Trade-Off) researchers modeled the market situation, offering the consumer a choice between products in terms of price changes in the competitive series. Techniques that help predict consumer response to price changes, identifying key competitors, determining the price value and brand value. 

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Van Westendorp's PSM

Van Westendorp methodology will help determine the optimal price of the product or service. The study includes a survey in which the respondents' perception tests four product prices - what price seems too high, how high, but acceptable, and what is the optimal price which is so low that there is doubt as to the quality of a product. Data analysis will allow the adjustment of pricing.

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Gabor-Granger (Price Ladder)

Method is used to determine the optimal retail price of new products. Respondents are invited to express their views on a pre-arranged price of the product options - to answer the question "Would buy if this product was priced at X?". Then the price goes up or down depending on the respondent's reply. The technique allows the determination of the price elasticity on demand.

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Research types

Personal interviews

One of the most common methods in marketing research is a personal interview face-to-face. Personal interviews conducted by a structured questionnaire whereby the interviewer personally communicates with the respondent. Interviews face-to-face are held in different places - street interviews, in-home interview, etc.

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Online Survey

Modern affordable research method reduce not only the budget, but also time. Respondent is invited to a survey by sending invitations by e-mail and respondents are able to choose the time and place of the interview by themselves. The method is characterized by short deadlines, availability of hard-to-reach groups, a high level of openness of the respondent, the possibility of multimedia integration.

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Quantitative Methods

Quantitative research is a group of practices in which the information obtained is analyzed by statistical and mathematical methods. Quantitative methods form the largest section of market research and include a plurality of methodologies and tools. Often quantitative methods are used to confirm hypotheses and the assumptions developed in the course of qualitative research. For more details about quantitative research read below on the Tools page

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