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Price Analysis refers to the analysis of consumer response to theoretical prices in survey research. In general business, price analysis is the process of examining and evaluating a proposed price without evaluating its separate cost elements and proposed profit.
Steps towards Setting Your Pricing Policy
- Selecting the Pricing Objective
- Determining Demand
- Estimating Costs
- Analyzing Competitor's Costs, Prices, and Offers
- Selecting a Pricing Method
- Selecting the Final Price
Pricing Objectives businesses consider include
- Survival
- Maximum Current Profit
- Maximum Market Share
- Maximum Market Skimming
- Product - Quality Leadership
- Other Objectives
Estimating Demand Curves
- Surveys through Primary Research
- Price Experiments by the Business
- Statistical Analysis Based on Past Data for Existing Businesses (Secondary Research)
Price Elasticity derived from the Demand Curve.
Does your Product have Linear or Power Demand Curves?
In the new world, post COVID19 era, as you conduct a review of your Existing Pricing Strategy, contact us with any query in case of any support required.
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