An optimal suite of great products offered at acceptable prices is an integral part of a company’s strategy. How does a company develop optimal products?

As soon as the market even hints at commodity prices creeping up and ingredient or component substitutions enter the realm of possibility, a plan for product testing should be activated.

Choice modeling techniques should be recommended first to assess product pricing. When clients are budget-strapped and time-pressed though methods, such as the Gabor-Granger analysis, can provide sufficient guidance

Facing a downturn, businesses are struggling with tough decisions on whether to increase prices, and by how much. When making these decisions, it's important to know how much a consumer values your products. What are the pricing parameters for your offerings that ensure continued customer demand.

The point is that there are research methods to help you make these decisions with confidence, which is always important but can feel even more critical during harder times when the headwinds are strong. The right insights can help put at least some of that wind back in your sails.

During tough economic times, companies may often seem insensitive to their customers, causing a loss in trust and loyalty. Price increases paired with decreasing value cut deep. There can be a more artful approach to pricing that can soften the blow for consumers while still managing profitability.

By collecting and incorporating these data into your tracking database, you can create the possibility that the next time consumer satisfaction and perceptions fall unexpectedly, you have the opportunity of saying. “but hey, it’s not always my fault!”

While this white paper will focus on clinics to evaluate new cars & new trucks, the same concepts & methods can be applied to a wide range of durable goods (lawn mowers, vacuum cleaners, refrigerators, & hundreds of other long lasting products).

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