Van Westendorp's Price Sensitivity Meter
The Price Sensitivity Meter (PSM) is a market technique for determining consumer price preferences. It was introduced in 1976 by Dutch economist Peter van Westendorp. The technique has been used by a wide variety of researchers in the market research industry. The PSM approach was a staple technique for addressing pricing issues for the past 20 years. It historically has been promoted by many professional market research associations in their training and professional development programs. The PSM approach continues to be used widely throughout the market research industry and descriptions can be easily found in many market research websites.
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