“What is the optimal price?” is each marketer’s most challenging question. A higher price may limit product adoption; a lower price may leave money on the table. Product positioning and perceived value are also affected by price.
Pricing research provides answers to queries about customer willingness to pay, a product’s perceived value, the value of specific product features, and customer price sensitivity.
Such pricing studies combined with other research, such as new product or service development and concept testing, can provide practical direction at making smart, data-driven pricing decisions.