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A price sensitivity matrix in product management plays a crucial role in understanding customer behavior towards the pricing of a product. It helps product managers determine how many customers would prefer to use a discount that's hard to get versus those who are willing to buy the product at its current price. This matrix can provide insights into customer demand and their perceived value of the product. For instance, some customers may wait for a longer period to buy a product at a discounted price, indicating their demand sensitivity. On the other hand, some customers may not value a product if it's considered too inexpensive and are willing to pay a higher price to get it as soon as it's available, indicating their price insensitivity.
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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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