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Some other methods to determine customer price sensitivity include conducting surveys to understand what price customers are willing to pay, observing how sales change in response to price changes, and using conjoint analysis which involves presenting customers with hypothetical products at different prices and asking them to choose between them. Another method is the Van Westendorp's Price Sensitivity Meter which asks customers at what price they would consider the product to be too expensive or too cheap.
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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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