RA04 - Fundamentals of Pricing Research: Strategies and Analytical Techniques
This seminar is designed for people who want to understand how different pricing strategies impact customers’ purchase decisions, and which analytical tools can be used in setting prices for products and services. Specifically, you will learn:
- How price elasticity impacts pricing decisions including both inelastic and elastic demand structures.
- How various pricing strategies such as Bundle Pricing, Freemium, Competition Based Pricing, Cost Plus Pricing, and many others factor into determining the optimal price for your product or service.
- The importance of using qualitative research to understand the customers' beliefs and knowledge about the competitive landscape and current pricing awareness such as reference pricing and switching cost effects.
- The pros and cons behind many of the analytical tools used in pricing research including modified variations of those tools.
- An overview of when to use behavioral-based pricing models or models based on preferences and intentions such as Van Westendorp’s, Gabor-Grainger, brand/price trade, conjoint and discrete choice models.