Price analysis is the collection and processing of information about prices in the market segment of interest to the client. The research may focus on the pricing policy of the customer itself, the tariffs of competitors, or pricing on a market-wide scale. Understanding the mechanism of price formation helps to make informed marketing and strategic decisions.
Price analysis helps to solve the following tasks
- understand the level of market prices;
- to identify inflated prices;
- adjust their tariffs, make them competitive;
- determine seasonality and its impact on the cost of the desired product or service;
- track the price dynamics;
- prepare for the release of new products: calculate the optimal price of a product or service, find out the cost of raw materials, and choose a supplier with the most favorable conditions;
- develop your pricing strategy.
Many companies develop tariffs based on their costs, that is, the cost of goods, as well as based on the prices of competitors. Such a strategy leads to undervalued or inflated prices. unjustified decisions are helped to avoid objective data and professional analysis.
- Product analysis, identification of significant qualities
- Comparison of a product or service with analogues of competitors
- Monitoring of market prices and opponents' tariffs
- Identification and segmentation of the target audience, determination of its financial capabilities and preferences, motives for making a purchase decision
- Determining the range of acceptable prices
- Determining the elasticity of demand
- Carrying out price segmentation of the market
- Calculation of the cost of production
- Offering pricing options, strategies for using discounts
- Recommendations regarding the choice of price policy.
The specific composition of the study depends on your request, individual areas of research can be made deeper or, conversely, superficial. Also, any part of the analysis can be removed if it is not necessary for your tasks.
A complete price analysis usually includes:
- Determining current market prices
- Competitor pricing research
- Studying the directions and degree of state regulation of prices
- Clarification of the opinion of the consumer.
The process of ordering and providing marketing services in our agency is as follows:
- Leave a request through the feedback form, by letter or by phone
- Our manager will contact you and clarify the details: what tasks do you plan to solve with the help of research, what goals do you want to achieve - for example, to set the optimal price for a new product
- If you do not fully understand which marketing tools will suit your business, our experts will help you formulate the problem and suggest solutions
- After the initial survey, we will prepare a commercial proposal, in which we will describe the structure of the future study, its cost and the time frame for preparing the report
- Together we will draw up a technical task taking into account your request, wishes and business specifics
- After agreeing on all the details, we will send a contract and an invoice for payment
- While the analysts are working, the manager will keep you updated on the progress of the study
- Based on the results of the analysis, you will receive a report with explanations and recommendations from specialists.
- If you have any comments, we will finalize the report free of charge within the agreed TOR
The price of the analysis is affected by:
- the specifics of the product or service;
- study geography: India, one or more regions, other countries, the whole world;
- terms of work: urgent orders usually cost more - unless, of course, we are talking about ready-made reports.
What will be required from you
- Information about your business and tasks that you would like to solve with our help
- Your vision of the purpose of the study, plans for using its results
- Data you would like to see in the report
- Willingness to fill out a small questionnaire: it will help to formulate a wish and clarify the task