A business can adjust its pricing strategy based on price sensitivity by understanding the product's real value and the customers' willingness to purchase at different price points. If the product has high price sensitivity, it means customers consider it overpriced, and the business may need to lower the price to increase sales. If the product has low price sensitivity, it means a higher price will likely not affect customers' willingness to purchase, and the business can potentially increase the price to maximize profits. The business can also use price sensitivity information to set optimal prices across its product line and influence customer behavior through specials, discounts, and other marketing techniques.
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