Q&A - Outline how market research can help a business set its prices
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There are many factors that determine what price a business sets for its product. Market research can help inform a business on several of these factors…
For an established business, there will be a significant amount of primary data available on past sales transactions which can help in pricing decisions. Research can be undertaken to examine the effect of price changes on demand (historically), including the effects of pricing-related sales promotions.
Research can also help determine the stage a firm’s products are in relation to their life-cycle. The pricing strategy for a mature or declining product is likely to be quite different from one which has just been introduced or which is going through a period of rapid growth in demand.
Competitor price is a key influence on a firm’s pricing strategy and tactics. Market research has a key role to play helping management stay informed of changes in competitor prices and tactics.
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