If you are in the last year of the economic college, you will be required to write an essay or a study to show what you have learned during the college years. The majority of students in this case choose a study about price and earnings, and you can also choose this theme if you are aiming for a good grade.
A price and earnings study is based on analyzing the markets of products and services of any kind, but also on studying the behavior and the opinions of the consumers about the respective products when it comes to price. The final purpose of a price and earnings study is to set the right prices for the products sold by a company, to ensure profits for the company and the satisfaction of customers at the same time. This way, the company reduces the risks of failure, and once the price and incomes study is over, the company will be able to set the right prices for their products and services.
However, a price and incomes study is not as simple as it sounds. The company or the student making those studies must know the characteristics and the needs of the potential customers, and to modify a product in order to keep its performance on the market. The main goal of a price and earnings study is to obtain feedback about the price of the respective product, to see how the product can be improved, and most of all, what is the right price of the respective product on the market at the current time.
A price and incomes study can also be made for a new product. In case the company does not know what is the proper distribution price for a new product they have released, they could initiate such a study, and this way, the company will determine how much the customers are willing to pay for the respective product. Of course, a large number of factors are implied here, such as the image and the name of the company, and the brand awareness of the respective service.
By knowing the satisfaction of the clients with a price and earnings study of your potential customers, you will be able to measure the difference between the quality offered by your company and the one requested by your clients. A satisfaction study could bring the following benefits:
- Improving the services and products of the company as a result of the price and incomes study.
- Improving the brand awareness of the company.
- Evaluating the strategy both in and outside of the organization, to determine methods to improve the offer of the company.
The price and earning study has the purpose to determine prices, but it is addressed to people. Therefore, if you think about conducting such a study for your company, you should find a specialized marketing company that is able to run this study effectively.
People are usually annoyed when they are called by the marketing companies, so only an experienced marketing company is able to conduct a good study of this kind that will maintain your customers satisfied.