Product pricing 101: tips, tools, and secrets

πŸ˜±πŸ€— All you wanted to know about pricing research, but were too afraid to ask...

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πŸ‘©β€πŸ« Pricing is one of the most pivotal parts of any product or service. From increasing a price due to inflation, to launching an NDP, the price has a profound impact on potential purchase likelihood, revenue, and profitability.

πŸ‘¨β€πŸ‘©β€πŸ‘§β€πŸ‘¦ In this webinar, we will cover various topics related to pricing. Starting with pricing psychology and two influential pricing metrics in Westendorp and Price Elasticity of Demand.

πŸ“‘ After this, the theory will be translated into practice using a specialised tool for pricing market research, BPTO. The BPTO methodology will then be applied on an (adorable) case study relating to puppy pet food.

πŸ’Ό In this example, we will discuss various elements relating to pricing, ranging from:

  • What impact does re-pricing an existing product or service have on revenue, profitability, and market volume?
  • How does price impact the potential revenue, profitability, and market volume when launching a new product?
  • Where will the NPD source volume from (cannibalise your other products or take share from competition)?
  • What is the impact of advertisement on awareness and preference shares when changing a price point or introducing a new concept?

πŸ†• This webinar is ideal for those who wish to learn more about product and pricing research and maybe even try it out themselves. As always, there will be plenty of opportunities during the webinar to ask any questions you might have.

  • When:
  • Length: Up to 1 hour
  • No preparation is required, but we will appreciate your participation.
  • Who can join: We invite all working professionals with an interest in the topic.

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Presenters

Stijn Mentzel

Stijn Mentzel

Lecturer Quantitative Market Research