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Price sensitivity analysis can improve marketing strategies by helping businesses understand how their customers respond to different pricing levels. This can guide pricing decisions and promotional strategies, such as offering discount codes. It can also help identify potential opportunities for price optimization to maximize profits.
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To determine how sensitive your customers are to your prices, you need to divide demand quantity by the percent of change in price. The difference is your customer's price sensitivity. PMs will often introduce discount codes to check conversion on a decreased price to determine their customer's price sensitivity. (Slide 9)
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How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools...
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