Many manufacturers and marketers price their products according to market forces and forget to consider consumer perceptions. In a competitive environment, pricing research makes it possible to identify the optimal price range for a product.
Pricing research includes different research tools, from simple and straightforward questioning on price perception, price sensitivity and purchase intentions at different prices, to complex questioning through a face-to-face interview while exposing the product and finding its minimum price (at and below which a perception of product quality will be affected), maximum price (at and above which purchase intentions will be significantly affected) and optimal price to consumers.