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pricesensitivitymeter

Overview

pricesensitivitymeter is an implementation of the van Westendorp Price Sensitivity Meter (PSM) in R, which is a popular method in market research to analyze consumer price preferences and price sensitivity. It also covers the so-called Newton Miller Smith Extension which allows to estimate prices that maximize the trial rate and the revenue.

Installation

As of version 0.2.1, this package is https://cran.r-project.org/package=pricesensitivitymeter.

# install the stable release from CRAN
install.packages("pricesensitivitymeter")

# install the development version from Github
devtools::install_github("alletsee/pricesensitivitymeter")

Usage

The main function of the package is psm_analysis() which performs all necessary analyses.

## creating example data

tch <- round(rnorm(n = 250, mean = 5, sd = 0.5), digits = 2)
ch <- round(rnorm(n = 250, mean = 8.5, sd = 0.5), digits = 2)
ex <- round(rnorm(n = 250, mean = 13, sd = 0.75), digits = 2)
tex <- round(rnorm(n = 250, mean = 17, sd = 1), digits = 2)

data.psm.demo <- data.frame(tch, ch, ex, tex)

## running the analysis
output.psm.demo <- psm_analysis(toocheap = "tch",
  cheap = "ch",
  expensive = "ex",
  tooexpensive = "tex",
  data = data.psm.demo)

summary(output.psm.demo)

Additional Information

References

Van Westendorp, P (1976) “NSS-Price Sensitivity Meter (PSM) – A new approach to study consumer perception of price” Proceedings of the ESOMAR Congress, 139–167. Online available at the ESOMAR website.

Newton, D, Miller, J, Smith, P, (1993) “A market acceptance extension to traditional price sensitivity measurement” Proceedings of the American Marketing Association Advanced Research Techniques Forum.

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Install

install.packages('pricesensitivitymeter')

Monthly Downloads

284

Version

1.0.1

License

MIT + file LICENSE

Issues

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Maintainer

Max Alletsee

Last Published

April 29th, 2019

Functions in pricesensitivitymeter (1.0.1)

summary.psm

Summarizing Price Sensitivity Meter Analyses
psm_analysis

Van Westendorp Price Sensitivity Meter Analysis (PSM)
psm_analysis_weighted

Weighted van Westendorp Price Sensitivity Meter Analysis (PSM)
psm-class

Class "psm"
pricesensitivitymeter

Consumer Price Preferences and Price Sensitivity Analysis