Assessing Price Sensitivity for a Luxury Tech Product
Instruction: Design a study to assess price sensitivity for a luxury tech product targeting a niche market.
Context: This question tests the candidate's ability to devise methodologies for understanding consumer price sensitivity, particularly in markets where price may be less of a barrier to purchase.
Updated
Official answer available
Read the opening below, then unlock the full answer and practical guidance.
First and foremost, I would propose conducting in-depth interviews and focus groups with current and potential customers within the niche market. This qualitative approach allows us to explore the psychological factors that influence their purchasing decisions, such as perceived value, brand loyalty, and the role of the product in signaling status or identity...