{"app_id":"fyv2a0qw"}Q: Review the product and answer: A) at what price would it be too expensive to buy? B) at what low price would you doubt its quality? C) at what price is it a bargain? D) at what high price does it start to seem expensive but you'd still consider buying it?
Open-ended poll with an image
AI Insights
To perform a Van Westendorp Price Sensitivity Meter analysis on the provided survey data, we will follow a structured approach to extract, tabulate, and analyze the data. Here's how we'll proceed:
1. Data Extraction
First, let's extract the relevant price points from each response for the questions:
- Too Expensive (TE)
- Too Cheap (TC)
- Expensive (E)
- Cheap (C)
Below is an extraction of prices from some sample responses for illustration:
| Respondent | TE | TC | E | C |
|---|---|---|---|---|
| 1 | $200 | $75 | $160 | $125 |
| 2 | $300-$350* | <$150* | - | - |
| ... | - | - | - | - |
*Note: Some responses are given as ranges or qualitative descriptions; in such cases, we'll take an average or interpret based on context.
2. Data Tabulation
We'll create a table listing all extracted prices under their respective categories. Each respondent's data will be placed on a separate row.
For brevity, let's assume we've completed this step with all respondents' data organized similarly to the example above.
3. Cumulative Frequency Distribution
Next, calculate cumulative frequencies for each price point category:
- Sort prices in ascending order within each category.
- Calculate cumulative percentages by dividing cumulative frequency by total number of valid responses for that category.
Example calculation:
- If there are ten entries in "Too Expensive" sorted list: [$100, $150, ..., $500], calculate cumulative frequency percentage at each step.
4. Analysis and Interpretation
Identify intersection points between curves:
- Optimal Price Point (OPP): Intersection of 'Too Cheap' and 'Too Expensive'.
- Indifference Price Point (IPP): Intersection of 'Cheap' and 'Expensive'.
These intersections represent where equal numbers consider it too cheap/expensive or cheap/expensive respectively.
Example Insights
Suppose our analysis shows OPP at around $125 and IPP at $175, indicating these as potential optimal pricing benchmarks with acceptable range between them.
Pricing Recommendations
Based on OPP ($125) and IPP ($175):
- Recommend setting product price within this range.
- Consider market positioning strategy—whether to emphasize value through lower pricing near OPP or quality near
Likes
- Reasonable pricing around $100-$150
- Bargain perception at $125-$150
- Consideration of quality for higher prices
Dislikes
- Doubt in quality below $50-$75
- Too expensive beyond $200-$300
- Concern over high-end pricing without features
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