Retailers often don't take advantage of benefits of price testing

10/23/2003 | Knowledge@Wharton

One Wharton professor says retailers are so "action oriented" that they don't spend the time to research price elasticity and how consumers' buying habits change with price. A price optimization test at Zany Brainy found that purchases of a certain walkie-talkie went up as the price increased. The researchers said sometimes consumers equate price with quality for a product they are not familiar with; wine purchasing follows this trend.

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