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What is your favorite technique in determining the validity of a product's price?

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

How to Answer

Let's start with assessing value. If a product is valuable to its market then it deserves a price. Here's an example of one technique some have found very helpful in this situation:

"Forming a comprehensive pricing strategy through creating a market research study will help you get answers directly from your target audience."

Designing questions that will help you to understand what people are looking for and how much they are willing to pay for a certain product will help you to evaluate if you are selling a product for the best price.

What is your favorite technique in determining the validity of a product's price?
Answer example

"Forming a comprehensive pricing strategy through creating a market research study will help you get answers directly from your target audience."

View user-submitted Answers

What is your favorite technique in determining the validity of a product's price?
1.
Depending on the usage and quality.
2.
I enjoy the research that goes into comparing the prices but I really enjoy testing the waters. My favorite technique is choosing a sample of the people that bought and having a questionnaire about how well the product met their needs and seeing whether the price point matches with what the most highest buying demographic wants in a product.
3.
Analyzing the competitors.
4.
By researching on the demand of the product from time to time.
5.
How I test the market validity of the product price is by using the technique of google keywords tools, google insights and google trends to know what does the customer wants. By opting options like pay per click advertising to know if customers are still willing to pay that amount for the product.
6.
A. I really enjoy testing the waters. My favorite technique is choosing a sample of the people that bought and having a questionnaire about how well the product met their needs and seeing whether the price point matches with what the most highest buying demographic wants in a product.
7.
Researching what it cost to produce, what the market will bear; supply and demand; is there anything like it currently on the market and if something similar can be obtained for a higher or lower cost.
8.
Using the price demand graph as well as looking at current sales versus previous sales of the product.

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