Process / pipelinePricing research and price perception
Van Westendorp Price Sensitivity Meter
The Van Westendorp Price Sensitivity Meter is a market research method developed by Peter van Westendorp in 1993 for assessing consumer price perception and estimating willingness-to-pay ranges without directly asking customers their maximum price. The method uses four simple questions about price acceptability, yielding estimates of optimal price, acceptable price range, and price perception zones.
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Sources
- Van Westendorp, P. (1993). Price Perception Analysis. An Application to the International Car Market. International Journal of Research in Marketing, 10(2), 157-165. DOI: 10.1016/0167-8116(93)90022-3 ↗
- Miller, K. M., Hofstetter, R., Krohmer, H., & Zhang, Z. J. (2011). How Should Consumers' Willingness to Pay Be Measured? A Managerial Perspective. Journal of Product & Brand Management, 20(6), 460-469. DOI: 10.1108/10610421111166583 ↗
- Chernev, A., & Hamilton, R. (2009). Assortment Size and Option Attractiveness in Consumer Choice Among Retailers. Journal of Marketing Research, 46(3), 410-420. DOI: 10.1509/jmkr.46.3.410 ↗