Abstract
In order to gain high innovation value profit of special-shaped pearl pendant on the market, the optimum price of such new product was confirmed in the work using GABOR-GRANGER. Firstly, 200 target consumers were selected for the cluster analysis of their attitudes toward baroque pearls. Then, GABOR-GRANGER was applied to calculate the fake income and price threshold of set price point. Last, it was determined the lower limit of 95% confidence bounds of the maximum value of fake income as the conservative optimal price. Results show that the main target consumer groups were not concerned about the price because of the singular and beautiful shape of pearl. Through calculation by Granger Gabor, the optimal price of special-shaped pearl pendant was higher 60.8% than the price obtained by cost plus calculation. Therefore, it is possible to achieve high innovation value profit of new products on the market.
Highlights
For its unique personality, special-shaped pearl has become an important element and basic material in recent years
Study on the price by Gabor Granger includes two aims: one is to test the influence of price changes of company's existing product on demand; the other is to determine the optimal price of new product and analyze the influence of such price on demand
According to Gabor Granger, the optimal price of special-shaped pearl pendant is higher than the price calculated using cost additive method
Summary
Special-shaped pearl has become an important element and basic material in recent years. The expenditure of the second consumer group is between 300 to 1,000 yuan, accounting for about 30%. About 12% of the consumers spend 1,000-2,000 yuan on pendant, and 8% of consumers prefer to spend 2,000-5,000 yuan on pendant. Such expenditure structure of consumers can be used as a reference to draft the price of special-shaped pearl pendant. 2. Attitude Investigation and Cluster Analysis of Target Consumer Groups to Special-Shaped Pearl. To understand the attitude of target consumer groups to special-shaped pearl pendant, the seven-segment rating scale was used in the work
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