According to common beliefs, customers deliberately decide to evaluate prices against a limited number of actively recalled price experiences and therefore price evaluation is seen as a result of a conscious, time-consuming and laborious intellectual effort.
Current neuropsychological findings differ from this perspective: When encountering information about prices, most customers and consumers instantly and involuntarily experience them as belonging to a continuum ranging from “cheaper” to “more expensive” than expected. Such price expectations are the first and most basal stage in the evaluation of prices. An unexpected price elicits surprise which focuses attention and motivates a more elaborate evaluation of the price information. On the other hand, an expected price is likely to be ignored in the further purchase decision process.
Up to now, pricing research struggled to assess price evaluation at this early but crucial stage. All traditional pricing research tools either directly request a deliberate and elaborate price evaluation or indirectly assess it as price-dependent purchase intention. In other words, traditional tools compel respondents to apperceive price information which might have been ignored in reality.
This webinar presents a new pricing research tool developed and exclusively offered by Harris Interactive. The price.condenser approach combines a new query utilising the natural price evaluation process with an adaptive survey design. Unlike traditional pricing research tools, it does not enforce an artificially sophisticated price evaluation, but taps into the implicit price knowledge of consumers and customers. Listen as we demonstrate the functions of this new tool and discuss its added benefit compared against traditional tools.