MockQuestions MockQuestions
Job interview preparation
Sign in
Upgrade
Career Interviews
Interview Topics
Company Interviews
Close

How would you determine if the price of X product is truly the deciding factor for the consumer?

Answer examples and advice for how to answer this interview question for a Market Research Analyst interview

Advice
There are many aspects of a product that make it valuable to its target market. First, you need to understand the buying habits of the consumer. Typically a product is designed based on a need. Some consumers will pay anything for a product. However, they may choose a particular brand because it's more reliable, durable, tastes better... the possibilities are endless. In our rapidly evolving marketplace, you would need to analyze the product against its competitors. How are they doing in sales? What do the competitors have that they don't? How do their prices compare?

View user-submitted Answers

How would you determine if the price of X product is truly the deciding factor for the consumer?
1.
If consumer is using only that product and buying again and again.
2.
When even with a slight increase/decrease in the price of the product demand rises/falls.
3.
I would take stock of the current market trends and see what is most popular in that line of products and decide if the ones that are winning out are the ones that appeal to their budget or if the product is what is most useful.
4.
When slight increase or decrease in price changes it supply.
5.
Look at other similar products on the market look at the different variables on why they are selling and see if it is another reason besides price. I would use focus groups and look at open source reviews of the product as well as other open source information on the product.
6.
If customer is only keen for knowing the prices and making evaluation on the price module.
7.
A. I would take stock of the current market trends and see what is most popular in that line of products and decide if the ones that are winning out are the ones that appeal to their budget or if the product is what is most useful. Also If a consumer is using only that product and buying again and again.
8.
If the customer is price conscious and have looking to get something cheaper.
9.
Through supply and demand. Check on time to time whether the product is available or not.
10.
By finding out what the market/going rate is for similar products, then seeing what is offered for that price. If the pricing is similar and the product is not as robust - then it's the product, not price. If the pricing is too high for what can be obtained at a lower price, then we know it's pricing.
11.
Slightly changes in price.

Practice More Interviews

Behavioral
We all have some behaviors that are typical of us and which sometimes results in ...
Common
There are some questions that employers ask at almost every interview. The questions ...
Communication
Communication skills are essential for any workplace to function efficiently. However, ...
Leadership
If you are interviewing for any type of leadership role; prepare with our leadership ...
Management
Our management questions are designed for any interview for a position that has authority ...
Teamwork
This set of questions aims to ascertain what your idea of teamwork is and whether ...