In this modern and fast era of technology, the conventional methods and strategies that fixes the price of a finished product have vanished from the passage of time and their place has occupied by the latest most successful techniques and methods used to identify the desire and required price of a product not by the company or the producer of the product but by the consumer itself this technique is known as Van Westendorp. 

Van Westendorp

It elects a range of satisfactory costs and an ideal cost point based on an investigation of price/value appraisals gotten from customers. It is a survey-based inquire about strategy utilized to distinguish a extend of satisfactory costs for an item. Van westendorp is a sort of survey that goes past a standard overview address. This is a method for assessing consumers’ cost desires for a finished item, regularly an existing item in an established section. The main focus of this article is to let its reader know about the term Van Westendorp which is used to determine the price of a product but is still not commonly recalled and used. Van westendorp empowers the advertiser to see a extend of costs that could be fitting and to see the fall-off in shopper intrigued that happens as cost rises. Van westendorp is especially valuable in case the advertiser is mulling over a alter in estimating, or needs to get its customer recognition of possessing items vs. a competitor’s items.

Questions asked in the survey 

 The overview address inquires respondents to choose a cost for four particular cost focuses. This cost focuses are – 1) as well costly and would not purchase, 2) costly but would consider, 3) deal cost, 4) as well cheap and would address the quality. When the comes about are counted, cost cures can be made, and a extend of worthy item costs can be agreed on. 

Purpose of Van Westendorp 

The survey is used to determine the most suitable price of the product by its four categories of questions filed by the respondents(consumers) the company comes to know all suitable positions and strategies accordingly, In case the cost is as well tall, it would restrain the number of shoppers willing to buy. In case the cost is as well moo, shoppers may feel the item needs quality, and would not buy. The company ought to find the perfect cost point that’s not as well costly, nor as well cheap, which can offer assistance maximize wealth.

Deficiencies of Van Westendorp

 The survey most of the time is fulfilled unconsciously the respondent in most cases never pays attention to the consequences that will result from the survey. The “ideal” and “lack of concern” cost focuses are in some cases wrongly interpreted. These cost focuses don’t take into consideration the costs of an item or edges, nor do they take it account the total income potential of an item. By responded negligence and the sense of not paying attention and giving importance to the survey, the extent of costs will go from costly to cheap. You can switch this arrangement and go from inexpensive to valuable.

 We hope that after reading this the respondents shall give worth to the survey.