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The impact of a change in price on customer demand is known as price sensitivity. If the price of a product or service increases, customers may demand less of it, and if the price decreases, customers may demand more. However, this can vary depending on the product or service and the customer's perceived value of it.
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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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