Finding an appropriate price for a product is a challenging business decision due to the many factors involved. It is not simply about taking into account internal costs or gathering market input. To establish the optimal price range for your product, you need insight in the cost of products, competitors’ pricing, market changes and the customer’s willingness to pay. Price elasticity and strategy research helps you determine how consumers respond to prices, and how price changes influence consumer perceptions. Are they looking for the lowest price? Are they looking for a trusted brand and does the price only play a secondary role in their decision? Are they willing to pay extra for certain benefits? All these questions and more are tackled in pricing elasticity and strategy research.