Price analysis
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Price analysis encompasses differing meanings when applied to marketing and general business.
Marketing
In marketing, price analysis refers to the analysis of consumer response to theoretical prices in survey research.
Business
In general business, price analysis is the process of examining and evaluating a proposed price without evaluating its separate cost elements and proposed profit.[1][2] Price analysis dates back to 1939 when an economist by the name of Andrew Court decided to put his efforts towards it to better understand the environmental factors that influence this practice.[3] Price analysis can be universally relevant to markets worldwide, but is dependent on the characteristics of the marketing system in place within a certain country. [4] In developing countries around the world researchers use this analysis to help better understand data.[5]
Other
The term may also refer to the breakdown of a price to a unit figure, usually per square metre or square foot of accommodation or per hectare or square metre of land. The price with suitable adjustment for various differences, is then applied to the valuation problem.
References
- ^ Federal Acquisition Regulation 15.404-1(b) - Proposal Analysis Techniques, accessed 22 January 2019
- ^ FAA "16. Price Analysis". Archived from the original on 2011-09-30. Retrieved 2011-08-31.
- ^ Goodman, Allen C (1998-09-01). "Andrew Court and the Invention of Hedonic Price Analysis" (PDF). Journal of Urban Economics. 44 (2): 291–298. doi:10.1006/juec.1997.2071. ISSN 0094-1190. S2CID 154205079. Archived from the original (PDF) on 2020-02-12.
- ^ Jones, William O. "The structure of staple food marketing in Nigeria as revealed by price analysis." Food Research Institute Studies 8.1387-2016-116153 (1968): 95-123.
- ^ Trotter, B. W. (1992). Applying price analysis to marketing systems: Methods and examples from the Indonesian rice market. Vol. 3. Chatham, UK: Natural Resources Institute. ISBN 978-0-85954-315-6.
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