Consumer Price Perceptions

October 25, 2007

The Question

An ANA member would like insight on how other manufacturers and retailers of consumer goods track consumer perceptions of price. He asks:

  1. How do manufacturers and retailers of consumer goods measure price perception in their studies? 
  2. What is their standard price construct/attribute and what scale do they use?

Below are the responses we received:

Member Response #1

We have only tested price perception by "What do you think you would pay for X?" Generally with our price points the consumer usually thinks it is significantly less. Grocery on the other hand has much lower price points.


Member Response #2

For my product line, the scale is:

  • It is too expensive for me to consider buying
  • It is expensive but I could still buy on certain occasions
  • It is expensive but I still buy it regularly
  • It is priced reasonably enough so I can buy it on any occasion

A more common way of asking this question is a scale such as:

  • Very good value
  • Somewhat good value
  • Somewhat poor value
  • Very poor value

Member Response #3

In survey-based work, we usually use a standard price/value question:Which statement below best describes how you feel about the value of (____) product?

Very good value..................
Fairly good value................
Average value.....................
Somewhat poor value.......
Very poor value...................

Source

"Consumer Price Perceptions." ANA Research Committee, October 2007.