Some of our competitors sell at significantly lower prices than us, whilst others have taken our prices as their benchmark. We needed to understand whether our product is price sensitive and if so, to what extent. That would enable us to decide whether to sell a bare bones product at the lowest price that we would be interested in, or whether to continue selling a product rich in extras, but at a higher price. You might have the same problem, so this is how we tackled it. Firstly, we decided on our lowest price. In our case, we could take…
Read More