Sample interview questions: Share an example of a marketing analysis project where you had to evaluate the impact of pricing changes.
Sample answer:
Example of a Marketing Analysis Project: Evaluating the Impact of Pricing Changes
Objective: Determine the optimal pricing strategy to maximize revenue while maintaining customer satisfaction.
Methodology:
- Data Collection: Collected historical sales data, including price points, volume, and customer demographics.
- Econometric Modeling: Developed an econometric model to estimate the relationship between price and demand.
- Price Elasticity Analysis: Calculated the price elasticity of demand to gauge the sensitivity of demand to changes in price.
- Segmentation Analysis: Segmented customers based on their price sensitivity and other relevant factors.
- Scenario Testing: Simulated different pricing scenarios using the econometric model to predict revenue, demand, and customer response.
Results:
- Identified the optimal price point that maximized revenue and maintained customer acquisition and satisfaction.
- Determined the price elasticity of demand for different customer segments, enabling t… Read full answer