Price marketing research

Price marketing research

Price is one of the most important components of the marketing mix. It significantly influences consumer preferences and, accordingly, their decisions when choosing alternative products or services.

Vector Market Research conducts the following types of price marketing research:

Price Laddering

Brief description: The respondent is presented with a product and a certain price for it, after which he is asked to estimate the likelihood of purchasing this product at this price on a preference scale. Then the procedure is repeated using a different price, and the demonstration can go either with a decrease or with an increase in the price of the product.

The process is repeated until a certain condition is met, for example, until a certain number of price gradations are tested or until the probability of making a purchase reaches one of the scale limits.

Price Sensitivity Measurement

Brief description: The method of measuring price sensitivity is based on the premise that the price should be set in such a way that the majority of consumers consider it neither too high nor too low. The main questions asked during the study are aimed at finding out the prices at which respondents would refuse to purchase a product due to its excessively high cost or probably poor quality (due to a low price), as well as the price level at which respondents would consider that they had made a bargain or overpaid accordingly.

As a result of marketing research using this method, 4 points are determined: the point of marginal cheapness, the point of optimal price, the point of marginal high cost and the point of indifference price.

Brand-Price-Trade-Off

Brief description: Respondents are put into the situation of making a real purchase. They are given a choice of several products of a certain product category at a certain price and are asked to make a choice. Then the price of the product under study increases, or the price of competing products changes, and the respondent is again asked to make a choice.

Таким образом в результате маркетингового исследования осуществляется прогнозирование цены в ситуации реального рынка. The survey method used is halltests.

Price comparison

A very common task, especially in the automotive industry, is price comparison. Vector Market Research Center for Marketing Technologies conducts the following research and price comparisons for companies in the automotive industry:

Comparison of prices for new cars (passenger cars and commercial vehicles, taking into account the features of the configuration and technical solutions)
Comparison of prices for original spare parts
Comparison of prices for original spare parts with analogues