Modified Van Westendorp
Used Primarily For: Pricing Research
Characteristics: Increased Accuracy
Output: The Van Westendorp Price Sensitivity Meter was developed in the 1970s by Dutch economist Peter H. van Westendorp to examine patterns of price-consciousness.
Rather than ask directly, "How much would you pay for this product?" (a technique that has been shown to be quite unreliable), the PSM approach is to "surround the market price" by asking four price-value relational questions.
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