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Some tools or methods to evaluate customer price perception include conducting surveys to understand what customers are willing to pay, using price sensitivity measurements, and employing techniques like Conjoint Analysis or Van Westendorp's Price Sensitivity Meter. Additionally, observing market trends and competitor pricing strategies can also provide insights into customer price perception.
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The first pricing strategy to assess is competition-based pricing. On the Competitor comparison tab, we can check our phone's price against the competition with two competitive landscapes: a Competitor perceptual map and a Kotler's matrix. Fill out the competiton's price-point below, along with their perceived product quality and price level and estimate for annual units sold. Each product is now placed on the perceptual map, where bubble size indicates each competitor's market share, and Kotler's matrix, which defines each competitor's pricing strategy.
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Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes the top pricing tools to evaluate cost, feature,...
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