An effective marketing research strategy used for determining the price of a new product in a market research study is the Van Westendorp Pricing method. With this method customers determine the range of acceptable pricing of a new product or service. This allows the client to find gross-profit margins. This method can be used effectively for both simple consumer based products and complex medical device systems. The graphical output is easy for executives to understand and captures the complexities of pricing a new in The Product Life Cycle. Van Westendorp Pricing is just one of the pricing methods used in market research as well as other Advanced Analysis such as choice based conjoint analysis and value based pricing. The Key Group has successfully implemented all of these market research pricing strategies using E-research.

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