BS stats uses four simple measures to find normal and the optimal price points for products. BS stats asks the consumer to tell us the exact price at which a product is:
So cheap that he/she would have doubts about its quality.
A bargain, but not the highest quality.
Expensive, but he/she would still consider buying it.
So expensive that he/she might not buy it.
Then, using a methodology based on cumulative curves, we evaluate several important pricing points. The normal price is the price the customer expects to pay. The optimal price, usually less than the normal, is the discount or volume-maximizing price. The normal and optimal price points are bounded by a lower and an upper extreme. The range of prices from the lower to the upper bound represents a region in which the client can make price- volume tradeoffs that maximize profitability. You can refer several types of sections which are bs group is gone through such as Statistics help, Statistics Modelling, Marketing Mix, Statistics Dissertation, Statistical Consulting, Predictive Modelling.
We assist organizations in choosing best pricing for their products/services so as to succeed in their business.