Guide 4 Using research for pricing decisions Problem

■ What price to charge for a new product or service? Data requirement

■ What prices are competing products selling for?

■ What price would consumers expect to pay?

■ What price would consumers be prepared to pay?

■ What quantities are likely to be sold at different price levels? Data sources

■ Secondary desk research: recent market reports, or trade sources, may provide information on the price structure of the market (see Section 4.2).

■ Observation research: a simple DIY exercise on price range and ruling prices (see Notes for Guide 4, Section 16.10).

■ Syndicated research services: retail audits provide price and quantity of sales in the markets they cover (see Section 4.3, Notes for Guide 4, Section 16.10).

■ Specialist research services: pricing is offered as a research specialism by some agencies (see Section 4.5.1).

■ Made-to-measure research surveys: using buy-response method and/or propensity to purchase (see Notes for Guide 4, Section 16.10).

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