Cheap, low priced, justified, optimal – what does the price say about the product?
The perceived value of a product is significantly influenced by the price, which also determines the purchase decision of the customer. But what is the best possible price for your product? With a low price you have more sales but less margin, with a high price it is the other way round.
To identify the best possible price – from an economic as well as from a brand point of view – we use a mix of several approaches: Gabor Granger Method, Van Westendorp Method (Price Sensitivity Meter) if applicable with brand-independent benchmark, Conjoint Measurement, Framing and Brand Lift. That way you will also find your best price.
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