Sample interview questions: Can you describe a situation where you had to conduct research to evaluate the potential impact of a pricing strategy?
Sample answer:
In a highly competitive consumer electronics market, I conducted extensive research to evaluate the potential impact of a pricing strategy for a new flagship smartphone model.
Research Methodology:
- Consumer surveys: Conducted online and offline surveys to gather insights on customer price sensitivity, willingness to pay, and competitive product perceptions.
- Market analysis: Analyzed industry trends, competitor pricing, and macroeconomic factors to determine market dynamics and potential price elasticity.
- Experimental pricing: Implemented controlled experiments in select target markets to observe actual sales behavior under different pricing scenarios.
- Data analysis: Utilized statistical modeling techniques and regression analysis to identify key drivers of demand and determine optimal pricing ranges.
Key Findings:
- Price sensitivity varied across customer segments: Older consumers were less price-sensitive than younger ones, while premium device users were willing to pay a premium for advanced features.
- Competition had a significant impact on pricing: A highly competitive landscape with comparable offerings from established brands limited the pricing flexibili… Read full answer
Source: https://hireabo.com/job/1_0_13/Market%20Research%20Analyst