An indispensable part of any strategy is to judge how many products customers are willing to buy at a
certain price, or to what extent demand changes depending on the price (price elasticity).
Some of the ways we examine prices and price elasticity are:
Surveying the customers of a product seeks to establish the perception of the acceptability of the price of a product. The assumption of the model is that there is a minimum price, ie the price below which customers begin to doubt the quality of the product, as well as the maximum price, ie the price above which customers stop buying the product due to its high cost. This model determines the optimal price as well as the range of acceptable prices.
An experiment in which potential buyers are questioned about the intention to buy a particular product where price serves as an independent variable. This method gives the elasticity of demand for the product in question.
Potential buyers are examined on the intention to buy, and, unlike research on the intention to buy, the price and individual characteristics of the product vary. In this way, it can be discovered whether customers are willing to pay a higher price for a better quality product.
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