Price sensitivity can vary greatly across different market conditions. In a competitive market, consumers are more price sensitive as they have many alternatives. In contrast, in a monopolistic market or for unique, high-demand products, consumers may be less price sensitive. Economic conditions also play a role. In times of economic downturn, consumers tend to become more price sensitive. Additionally, cultural factors can influence price sensitivity. For instance, in some cultures, haggling is common and consumers are more sensitive to initial pricing.
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