Most market feasibility studies use a combination of primary and secondary research. Secondary research is the process of gathering pre-existing information about the market to gain knowledge. Once gathered, the next step is to process and translate that knowledge, through analysis and interpretation, into usable intelligence. Secondary research can be a useful tool for collection of external information for verification and comparison purposes.
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The author suggests that like most marketing decisions, pricing is an art. It depends as much on good judgment as on precise calculation. When a customer buys a product the goal is to obtain the most value for the price paid. For commodities, that often means buying the cheapest one available. For products that are differentiated, it usually means paying a little more for the perceived superiority of a particular brand.
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Often times we are asked how to interpret customer satisfaction scores. Although there are no standard rules of interpretation, the following can be used as a guideline. It is based on our experiences with customer surveys. An interpretation of a 1 to 5 scale where 1 equals very dissatisfied and 5 equals very satisfied is:
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