Let’s assume a company wishes to learn at what price a certain food product would be priced “too high” or “too low”. After having a consumer TASTE the food product via marketing research (and some of you suggested such research), it might ask two questions:
- “At what price range from those offered would you say that the “product” begins to be priced higher than the value that you receive?”
- “At what price range from those offered would you say that the “product” would be perceived as below the value that the product would represent to you?”
Assume your product is one of those “quick-in-a-fix-Mexican-dinner” meals that one can cook in ten minutes in the microwave. You then offer a menu of prices underneath each of these two questions, perhaps in twenty-five cent increments — each with a ballot box — and ask the respondent to select one 25-cent price increment range that responds to each of the two questions. Simply substitute “meal” for “product.”
Would that work? What would that tell you?