How to Assess Your Product’s Perceived Value by Hermann Simon
“Every product has to face competition and the customer’s preferences,” says Hermann Simon, Founder & Honorary Chairman of Simon, Kucher & Partners. In this episode, he shares insights on perceived value, conjoint measurement, pricing, and profit; as well as market shares and innovations that change and rise only in crises (and rarely during good times).
Hermann Simon is also an author with multiple titles under his name, including “Confessions of the Pricing Man” and “Hidden Champions of the Twenty-First Century: The Success Strategies of Unknown World Market Leaders”.
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“The first step is to find out what is the root of the problem: Is it the price? Is it too expensive?… Are your costs too high – so you cannot afford to charge a lower price that would be consistent with the perception of the consumers? Or is it the quality of your product? “