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The Price Advisor
Umfang: 2 Seiten
Author Dr. Florian Bauer is the co-founder of Vocatus AG, a Munich based market research and consulting firm, and a world-renowned researcher in the fields of pricing, customer satisfaction and image analysis. He can be reached at email@example.com.
Price interest, price knowledge, and price assessment are frequently far more important for the purchase decision than the absolute price level. It is above all crucial to understand the actual course of the decision process in order to make corresponding adaptations when conceiving the project. Standard methods such as conjoint analyses are often indispensable, yet in the case of multi-stage decision processes they do not necessarily lead to valid results.
Consumers don’t always react rationally to prices, like the academic “homo-economicus”. For example, prices are spontaneously felt to be appropriate or inappropriate, or serve as the basis for decisions even though actual knowledge of reference prices is often limited. This is why a sound knowledge of decision psychology can be very helpful when initially establishing prices, altering them, or developing price models.
Price interest, price knowledge, and price assessment are the crucial variables that differ in accordance with the products and markets that are under investigation. Many surveys show that the customer is frequently far less fixated on the absolute price level than companies suspect. Instead of the absolute price, it is far more the case that aspects such as “being treated properly” or “not being disadvantaged” are to the forefront of customers’ needs.
Whereas the absolute price level is thus often of somewhat minor importance, the pricing structure is an important variable for companies. Current pricing research surveys demonstrate that people are regularly unable to estimate the effective price when dealing with more complex pricing structures. It’s very often asking too much of respondents in the research situation to undertake rational comparisons, and a similar effect is also apparent when it comes to complex pricing structures in real life.
The Pricing Advisor
Umfang: 2 Seiten