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A price sensitivity matrix aids in understanding customer behavior by providing insights into how customers react to different pricing strategies. It helps product managers determine the number of people who would use a discount that's hard to get versus those who will buy the product at its current price. This information can reveal patterns in demand, as some customers may be willing to wait longer to buy a product at a lower price, while others may perceive a product as less valuable if it's too inexpensive and are willing to pay top dollar to get it as soon as it's available.
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A price sensitivity matrix helps PMs determine how many people would use a discount that's hard to get vs those that will buy your product at its current price. While all customers will pay less for a product, some customers will wait a longer period of time to buy. This waiting tells you about demand. Other customers may not value a product if it's considered too inexpensive and will pay top dollar to get it as soon as it's available.
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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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